$2bn Chinese loan: NGO faults Fayose’s stance against FG

A socio-cultural group, Think Nigeria First Initiative (TNFI) has criticised Governor Ayodele Fayose of Ekiti State for opposing Federal Government’s plan to obtain two billion dollars ($2bn) loan from Chinese government to revamp the country’s ailing infrastructure, especially the rail sub sector of the economy.

The Director General of TNFI, Alhaji Abubakar Tsanni, who made this condemnation in Abuja while interacting with newsmen over the issue, also observed that the loan would benefits all Nigerians irrespective of their tribes, religion, political affiliation or cultural leaning, hence the need to jettison politics of calumny to ensure the success of the noble objective of government.

He noted that Gov. Fayose was ill-informed about the planned loan, saying President Buhari’s decision to take the loan was borne out of his administrations resolved to resuscitate the already dilapidated and decayed infrastructural facilities in the country, as well as fulfill some of his promises of positive change to the citizens of the country.

He also commended the Federal Government’s currency swap deal with the Chinese government, as part of its effort to shore up the naira and fund a budget deficit, possibly by issuing Yuan-denominated bonds in China.

Tsanni described the governor’s action as an act of sabotage, explaining that Federal Government projects in whatever form is aimed at addressing the socio-economic challenges confronting the nation.

He said: “We condemn in strong terms Governor Fayose’s stance on Federal Government plan to obtain a $2 billion loan from Chinese government, following Mr. President’s recent state visit to the People’s Republic of China. The loan in question is not meant to build personal houses or industries to the President but to revamp the ailing infrastructure across the federation which Ekiti state is part of.

“It is, however, unimaginable for a man of Ayodele’s social status to openly oppose such good intended plan, even when it will also benefit him directly or indirectly. Nigerians must learn to stop this vicious politics of acrimony in the overall interest of the nation. Politics must be separated from governance for us to move forward as a nation.”

The group leader further explained that Federal Government only concluded the process started by previous administration when it saw the wisdom in the loan agreement, adding that the loan is basically on infrastructural transfer and not the kind of loan where cash is given to government to expend on white elephant projects.

It would be recalled that the Ekiti State governor has severely criticised Federal Government’s plan to obtain $2 billion foreign loan. The governor, according to available records, had also written a letter to the Chinese government to refuse Nigeria the loan arguing that the country does not need the loan at this material time.