Abuja — Chinese Government on Thursday reversed its decision to provide $2.5 billion counterpart funding to Federal Government for the execution of multi-billion dollar modernisation of rail projects initiated by the administration of former President Olusegun Obasanjo.
With the decision, the Chinese government said it is only committed to the provision of $500 million concessionary loan while Federal Government is to obtain the balance of $2 billion from Chinese banks at prevailing interest rate.
TEEM Nigeria Limited was engaged by the Federal Government to supervise and monitor the multi-billion dollar rail modernisation project and Itakpe-Ajaokuta-Warri rail projects respectively.
Minister of Transport, Ibrahim Bio disclosed at the ongoing investigative public hearing on the modernisation of project on Lagos-Kano and the Ajaokuta-Itakpe-Warri rail lines organised by the House Committee on Land Transport.
Bio who expressed concern over the agreement, disclosed that the Federal Government is under obligations to pay between $1.1 billion and $1.4 billion for the cancellation of the project.
Under the arrangement, the minister explained that $1.2 billion is dedicated as soft loan to Nigeria for the execution of the first phase of the double track Lagos-Kano rail project covering 1,315 kilometres which was awarded to CCECC.
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GIVE OUR COMPANY A BANK GUARANTEE AS COLLATERAL FOR $ 2B FOR ONE YEAR. WE WILL BUILD HIGH SPEED RAILROAD AND HAVE IT COMPLETED WITHIN 10 MONTHS. NO INTEREST- 30 YEAR REPAYMENT OF $6 BILLION DOLLARS ONLY. BOT 20% IN NARIA MOBILIZATION FUNDS TO PAID FOR ALL WORKERS &. CUSTOM'S FOR IMPORTATION OF EQUIPMENT AND STEEL RAILS. THIS OFFER WAS MADE 3 YEARS AGO AND THEY RAN TO CHINA. TONY watcoinc@msn.com
Serves you right, President YarAdua. When you had your chance to move quickly on the great deals and savings handed to you on a platter of gold by your visionary predecessor, Emperor Yar dilly-dallied, huffed and puffed, probed and played "holier-than-thou" politics, as if he had better idea and deals to replace what he threatened to cancel. When, in fact, Nigeria is not on any footing to attract foreign investments until OBJ came along. Emperor Yar made sure he lay to waste all the hard work of his loyal and dedicated predecessor in his indefatigable efforts to re-brand Nigeria from its pariah status. Now that the global economic recession is pinching every pockets, including China, who is gonna deal with this sickly, arrogant, brainless dude we call President - Mr. "Servant-Leader" and his re-corrupted government? It would be like pouring scarce investment capital down a black hole. Emperor Yar better not run in 2011 (Buhari can do a better job to finish the Norths turn) and if Yar cares about Nigeria, he should simply resign, NOW, because, as the railway contract goes, so goes the power-project deals. Why? if China can renege like this, can you imagine what US & EU, who are more of penny-pinchers nowadays, would do? Our foreign business partners have seen Yar for what Yar truly is - a sickly, lazy, arrogant, unreliable business partner that cannot be trusted. What a waste and a nightmare! Yar thinks the world would wait for him to learn on the job when he should have listened and partnered with his benefactor-predecessor, instead, he allied with the corrupt cabal we desperately tried to get away from. As for the opponents of the 3rd Term Agenda, as you all prefer to call Nigerias continuous progress, I say thank you for this Nigerian Nightmare of a shuffle 2 steps forward, 20 steps backwards. I hope you are enjoying the party.
Nigeria: Govt Spends $5.5 Billion Yearly On Food Importation China Reneges On $2.5 Billion Rail Contract Pact With FG
These are just two (2) headlines on one Black African Country . So Many nations seem to be interested in Black Africa. We should grow our own food and buld our own infrastructure. WE SHOULD BE SELF-SUFFICIENT !!!
How long will we play the role of welfare recipients ? When will we finally see what we have and why so many want our natural resources ? I cant be so silly that I would definitely say that I know why so many others want to help us. But we should ask them WHATS IN IT FOR YOU ? We should also not forget how human nature works. We are not operating in that logical way of doing things.
Questions :
1) Would you allow someone to move into your house and take over your household responsibilities ?
2) Would you expect a stranger to care more about your family than you do ?
3) Are we blind and unable to see the connection between our unrefined resources and the wealth they bring to those so-called First World Countries ?
HERES A LINK TO SOME HISTORICAL EVIDENCE AS TO WHY SO MANY ARE INTERESTED IN BLACK AFRICA :
BERLIN BRUSSELS CONFERENCES [http://www.moreorless.au.com/killers/leopold.html?q=printme] *************************************************************************** ********************************************************************* PART I : BERLIN CONFERENCE ( General Act Of Berlin ) Saturday Novemeber 15, 1884 to Feb, 1885 according to the book King Leopolds Ghost (1998) Adam Hochschild 1884 - In November 14 European nations (Austria-Hungary, Belgium, Denmark, France, Germany, Great Britain, Holland, Italy, Norway, Portugal, Russia, Spain, Sweden and Turkey) and the US meet at the Conference of Berlin, called to carve up central Africa among them. 1885 - The Conference of Berlin concludes in February. FRANCE is given 670,000 square kilometres on the north bank of the Congo (modern Congo-Brazzaville and the Central African Republic) and PORTUGAL 910,000 square kilometres to the south (modern Angola). Trade in rubber and ivory is strictly controlled, despite Léopold's undertakings in the Berlin agreement. *************************************************************************** ********************************************************************* PART II : BRUSSELS CONFERENCE November 18, 1889 to July 2, 1890 a total of 16 Nations met : A) Their cover story was : SUPRESSING THE ARAB SLAVE TRADE B) Their SECRET AGREEMENTS were on dividing up Black Africa among themselves C) It took 33 sessions to reach agreement between these nations. Heads Of States Names are inserted as they were in charge at the time of these plots 1) Austria-Hungary - Francis Joseph I Charles - August 18, 1830 - 2) Belgium - King Leopold II April 9, 1835 3) Denmark - Frederik VIII -June 3, 1843 4) France - Marie François Sadi Carnot August 11, 1837 - 5) Germany - Wilhelm II - January 27, 1859 6) Great Britain - Queen Victoria (Hanover) May 24, 1819 British Ruler 2nd 7) Holland William III February 19, 1817 8) Italy - Umberto I - March 14, 1844 - 9) Norway - Oscar II [Oscar Frederik] January 21, 1829 (Also Sweden) 10) Portugal - Carlos I September 28, 1863 11) Russia - Alexander III Alexandrovich March 10, 1845 12) Spain - Alfonso XIII May 17, 1886 13) Sweden - Oscar II January 21, 1829 (Also Norway) 14) Turkey - Abdülhamid II, - September 21 or September 22 - 1842 - 15) United States - Benjamin Harrison August 20, 1833 - 16) Persia (Iran) - Nasser al-Din Shah Qajar July 16, 1831 -