The letter read in part:
“I write as one of the major stakeholders in the project Nigeria, and a governor of one of the federating units making up Nigeria, to draw your attention to report that the Federal Government of Nigeria is on the verge of obtaining a $2 billion loan from the Export-Import Bank of China.
“This $2 billion loan is part of the N1.84 trillion the Federal Government of Nigeria has proposed to borrow to finance the 2016 budget, which is yet to be signed by the President, Mohammadu Buhari owing to unending controversies between the Executive and Legislative arms of government.
According to Fayose, said some of the projects for which the loan was being sought were not captured in the controversial 2016 budget, which has been sent to the President by the National Assembly for his assent.
Fayose, who is also in China will also deliver a copy of the letter directly to the Chinese President, Anisulowo said.
The letter also reads:
“According to reports, Nigeria desires to raise about $5 billion abroad to cover part of its 2016 budget deficit. This is projected to hit N3 trillion ($15 billion) due to heavy infrastructure spending at a time when the slump in global oil prices has slashed the country’s export revenues.
“While conceding that all nations, especially developing ones need support to be able to grow because no nation is an island, I am constrained to inform you that if the future of Nigeria must be protected, the country does not need any loan at this time.
“The government of China should be mindful of the fact that Nigerians, irrespective of their political and religious affiliations are totally opposed to increment of the country’s debt burden, which is already being serviced with 25 per cent of the Federal Government annual budget.
“It will interest the government of China to know that some of the projects for which the loan is being sought are not captured in the controversial 2016 budget, which has been sent to the President by the National Assembly for his assent. For instance, the Lagos – Calabar Rail project was not included in the budget proposal the President presented to the National Assembly and it was not included in the Appropriation Bill passed by the National Assembly.
“Most importantly, Nigeria is presently servicing debt with about 25 per cent of its annual budget and what will happen to the economy in 2017, when the country will begin to service the additional debt to be incurred this year is better imagined than experienced.
“The Chinese government must also be aware that some western nations approached by the Federal Government for loan diplomatically and cleverly declined.
“This must have been informed by the suspicion in the present government’s capacity to salvage the nation’s economy as well as the sincerity in the fight against corruption. More so that Nigeria’s Foreign Reserve, which is the only guarantee for foreign loan has declined to a very uncomfortable level.”
Nigerians have expressed various views about the letter, with many condemning the governor for “going to far” in his opposition against the Buhari government. Some Nigerins however think the governor had done the right thing.
Read reactions below:
Let us all attack Fayose But which of you will agree to lend money to a man whose Budget has been missing, stolen, padded, & now rejected?
I cannot suggest a limitation on the freedom of expression, but I really think someone close to Fayose should take away his pen and paper.
Iam sure the Chinese government don’t even know who Fayose is…his letter will be used to wrap frog meat…
Fayose looking for different way to piss Buhari off. pic.twitter.com/HWBnTUK8rG
— Kelechi Aminu® (@femiTRIPP) April 14, 2016
I wonder how Fayose thinks this loan would affect him in anyway… this was an unnecessary thing to do
On Fayose‘s letter: Let’s pre-occupy ourselves with the MESSAGE & dwell less on the MESSENGER. Are we going to be better off wit this loan?
People who speak all day against Fayose, Saraki but not a word on Fulani attacks are hypocrites.
‘May God never ignore you the way Mr President is ignoring Governor Fayose‘. Lol!.
