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Opinion: Buhari’s $30b foreign loan, who will pay for the debt?

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Opinion ‘ Buhari’s $30b foreign loan, who will pay for the debt?

A government that has less than four years in Aso Rock, is borrowing a huge loan of Thirty Billion Dollars ($30b). Who will pay it back?

Which version of the budget is the government using it to fund?

And is there any blue print on how the said loan will be used to rejuvenate the economy, without being looted?

What are the conditions attached to this scary loan, what will be the expected impact on the economy and the lives of an ordinary citizens. Nobody in government is providing anybody these explanation, but we only know that our federal government wants to acquired yet another biggest loan in the history.

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This is the same government that once contemplated on selling our National Assets to fund budget in 2016/17. Majorly on recurrent expenditure, with tiny provisions for capital expenditure. Funny, they wanted to sell national assets to fund the life style of politicians, bogus contractors and civil servants.

IMF, World Bank, Economist and other top financial institutions warned that, Nigeria should step down on loans. Same $30b loan proposed by Buhari was rejected by the 8th Assembly because of its unhealthy nature, to the survival of our country in the long run, Buhari is representing this loan again to the National Assembly.

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The questions being asked by Nigerians is that, where are the huge and scary figured announced as recovered loot from corrupt politicians and past government officials, such as $90billion from Deziani and others?

Why can’t those recovered loots, running into several billions of dollars be re-injected into the Nation’s life line to power the economy.

The Abacha loots and unending credit alert nko?

Why going to borrow, when border closure can give the indisciplined Nigerians the required disciplinary measures needed to power up the economy.

It is up to the 9th Assembly led by the Senate President Ahmad Lawan to do the right thing, I forgot, he said that all Buhari’s requests are good. So, your guess on this matter is as good as mine.

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Who will pay back the loan? Well, history will not be kind to those who have the power to act, but look the other way.

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Jake Clifford

Jake Clifford is a Nigerian Born blogger and a fast growing Journalist, whose aim is to inform Nigerians with happening across Nigeria. Send story tips to him via [email protected] or


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