Author, Immanuel James Ibe-Anyanwu says in the the past 8 years, most State governors in Nigeria now borrow what to loot—that is looting in the future tense.
The author of “Under Bridge” said this in post on his Facebook page in reaction to the controversy surrounding Nigeria’s loan from China.
Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, had made clarification while answering questions about the loan controversy on a TV programme stating that the clause ‘waiving sovereignty’ in the loan agreement between Nigeria and China was only a contract term, a sovereign guarantee that assures payback according to the terms and conditions of any loan.
He said, “It is a commercial agreement, it’s a trade agreement between Nigeria and China. The first issue is that Ministry of Transport does not take loan. Anything about loan, talk to Ministry of Finance. What I signed is what they call commercial contract, that is contract between the federal government and CCECC as a contractor.
Ibe-Anyanwu in reacting said, “The Chinese are very clever,” says @Uche Ezeh. “They will just wait for the interest on that loan (N8 trillion) to build. Two decades or so from now when we’ve all forgotten; when people like Amaechi and other political actors have all left the scene, they will return with some of their smartest bookkeepers and throw the entire book at us.”
“If we say we can’t pay, then they will demand control of the NNPC and all our oil resources. This is the same thing they’ve been doing to other STUPID African nations. Now, if the Chinese take over the NNPC, what other sovereignty do you have?”
“How much will this (rail project) generate annually? Who will account for what it generates? How will it be maintained? What is the payment plan, etc?”
“Let me further break it down though I’m probably sounding like a broken record now: From 1999 to around 2011, most governors in Nigeria had great looting careers, but they stole mostly what they found in the coffers. Their successors since the past 8 years are smarter: state revenue is hardly enough, so they borrow what to loot—that is looting in the future tense. Okorocha for instance met a N26 billion debt in Imo accumulated over the years; in 8 years he kicked it forward to some N105 billion.”
“When I call Nigeria a stampede, I’m not being mischievous. African locusts all have foreign passports. Buhari has dragged Nigeria into a debt of over N30 trillion and counting. The point is that governance is an afterthought in Nigerian politics: the main work is state capture.”
“I admit: it was only recently I realized some of these things, so I understand many who still believe Nigeria is capable of progress as is. 32 years ago, we had 4,000 megawatts of power. I don’t know how old you are. Our grandchildren will grow up to shout Up NEPA.”
“Don’t ask me the way out. Orji Kalu returned to Abia State last week and was cheered by the youth as he waved at them from the roof of an SUV made by the white man. Leave my cloth, Africa!”