It has an eye catching headline screaming: NIGERIA TO SIGN OFF ON $3 BILLION IN CHINESE LOANS.
...I could not resist the temptation to comment.
Would you share your opinions with me after reading mine?
...this is what I wrote:
I do not believe that we should eat our future now!
That is what borrowing is. And to me this is clearly a typical case. Already it reeks of unequal advantages and greed. There is no level negotiation ground that I see.
I believe Mrs Okonjo Iweala should know better. We must not enslave the future of our generations unborn just because we are less comfortable now. This is the same reasoning she promoted during the subsidy removal and in many other times.
Her defense is that "we need roads, we need power, we need help on aviation, agriculture," and that Nigeria needs $10 billion a year of investment to improve infrastructure like roads and electricity to keep up with a rapidly growing population, already some 170 million, and to sustain economic growth at around 6-7 percent.
I dare say the things she enunciated are challenges that has always been there for decades till today and often used by past leaders and public servants as excuses to justify reckless spending. We might keep having these challenges for times to come as long as we have Public officials that are willing to squander our resources.
Besides, most of these infrastructural projects will eventually be executed using Chinese firms in conformity to their interest, leaving our indigenous companies on worst outcomes in the nearest future. This is a wrong move and I share Mallam Sanusi's viewpoint. Both the cheap loans and this extremely extravagant loan will be destructive in the long run.
Sadly this is going to be another Wrong action, laden with hugely negative consequences to our economy.