Ekiti State Governor, Mr. ayodele Fayose has written a letter to the Chinese Government, asking it to stop the $2 billion the Federal Government is requesting for.
In the letter addressed to President Xi Jinping of China, Governor Ayo Fayose said some of the projects for which the loan was being sought were not captured in the controversial 2016 budget, passed by the national assembly.
He told the Chinese Government to be mindful of the fact that Nigerians were totally opposed to increasing the country’s debt burden.
The letter read in part: “I write as one of the major stakeholders in the project Nigeria, and a governor of one of the federating units making up Nigeria, to draw your attention to report that the Federal Government of Nigeria is on the verge of obtaining a $2 billion loan from the Export-Import Bank of China.
“This $2 billion loan is part of the N1.84 trillion the Federal Government of Nigeria has proposed to borrow to finance the 2016 budget, which is yet to be signed by the President, Muhammadu Buhari owing to unending controversies between the Executive and Legislative arms of government.
“According to reports, Nigeria desires to raise about $5 billion abroad to cover part of its 2016 budget deficit. This is projected to hit N3 trillion ($15 billion) due to heavy infrastructure spending at a time when the slump in global oil prices has slashed the country’s export revenues.