Mr. Enukorah Kennedy, it is actually quite simple. President Buhari went to China in desperation. Let’s set aside my dislike for him. Basic economic principles dictates that you do not borrow money to fund your household budget. You cut your costs. If there are too many people on the payroll, you downsize or retrench. If certain infrastructure cannot be built, you set it aside and focus on maintenance.
China offered Buhari loan to buy Chinese products and stupid Buhari did not realize it because he does not know what he does not know. He does not trust his own VP who is actually educated. His VP, is secretly hoping Buhari would suffer the same fate as former President Yar Adua so he can usurp the presidency. If Buhari would listen to me, I would tell him how 17 million Nigerians in the diaspora could have loaned their beloved country more than $6b interest free.
Some Nigerians are jubilating over $2b loan from China and the so called Yuan trading deal. China wants to lend us 2 billion dollars, but they want to give us in…
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Alex Ebimobowei Babudoh Dear Chinazor, it appears you are always on a collision course when serious matters about the Nigerian economy is discussed, and President Buhari’s name is mentioned. I am pleased you alluded to making your perspective from the viewpoint of ‘basic economics’. Clearly, the reasons behind the trip to China was not an easy one, but one that was made after careful consideration of the principles/options of advanced micro/macro economics. The decision was economically defensible and decided not unilaterally, but by the economic team/cabinet at the Presidency. Suffice to say, that you only scratched the surface when you talked about other alternatives of raising money through Nigerians in diaspora without really segmenting or giving details of how such would yield the immediate funds currently needed to accelerate the comatose Nigerian economy. In my view, your critique lacked depth, appeared sensational and sounded very elementary, particularly if we analysed it from a strategic/financial management perspective! You showed by your critique that your argument was one sided/myopic and without carefully exploration of the context of the agreement signed with China. Whilst your “basic economic” theory could be valuable in a longterm, it is undeniable that current global economic issues could negate the ability of most Nigerians in Diaspora being able to consistently commit/contribute to such plan, given on-going/recurrent harsh economic realities. I doubt if as a nation, we should entrust our economic future on such remittances that cannot be guaranteed. I say this because recent anecdotal financial information/data of the indebtedness of Nigerians in the diaspora to credit agencies worldwide i.e. American Express, Mastercard etc., does not make a pleasant readIng. I believe drastic economic situation/crisis, demands that tough, prudent and hard choices must be made and quickly as well. Yes, the negotiation for any type of loans may not be like visiting a Father Christmas event for freebies, but the fact remains that you only pursue the loans that suits your needs or provides the best options. I believe that’s what President Buhari has done with his seasoned technocrats, economic experts and experienced civil servants/politicians who make up his current economic team. My take is that if you abuse and call the President “stupid” for taking this loan from China, I assume those in his economic team are equally nonentities going by your perception. I consider the immediate moves taken by PMB regarding aligning/rejuvenating Nigerian economy which is extremely monolithic as a welcome disposition. The question now is, how are they going to ensure that the loans delivers the anticipated economic outcomes to move the nation forward? Regards and wishing you a safe trip back to the USA.
Chinazor Onianwah Ah ah! If I didn’t know any better I’d say Buhari sent you to unleash this kind of barrage. All I ask is that you put it where the goat can reach it. Economics is not a theory. Iya alate knows what demand and supply is. Apparently Buhari’s minions don’…See More
Alex Ebimobowei Babudoh Chinazor, I think you are missing the point here. You are too focused on President Buhari, you need to look at our collective responsibility as a country and people. Remember that we are in a democracy and currently some people are being tried at the c…See More
Chinazor Onianwah I beg to disagree. President Obama is ranked as the best president of the US to date. It takes one person to inspire an entire nation. Only one person can be president at a time. Buhari is uninspiring that is why the rest of the government is responding in this manner.
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Ndi Charles Who be dis wen de yarn opata? Why didnt you drop the names of the so called members of this economic team? An economic team that has not been visible in pictures or even in action. All the loots recovered from corruption to what use have they been put? The fulani herdsman and his people are the majority, where are their billionaires and what are they doing to alleviate the economic woes? Drop a beauty therapy book, so Nigerians can put mae up while suffering? When Chinazor Onianwah talked about Nigerians in diaspora raising 6billion it must have seemed monstrous to you. E be like say you nor know say Nigerians wen get beta money, na diaspora nai dem de. I de laff you in spanish, because you nor know say debt na d same thing as money. For one to be in debt, one must have money. American Express or Mastercard nor de do borrow me 100 dollars. Like majority of Nigerians, keep believing the he goat of a president and the nonentities that are his economic team. Surely you must believe Nigeria is a great nation.
Chinazor Onianwah You are so right Ndi Charles, you have to have credit to get credit.