$2billion Loan: China Just Scammed Nigeria And Buhari Had No Idea (Must Read)

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 Yuan and not the dollar itself.

They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others (non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.

The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government.

Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.

Many Nigerians don't know that even Chinese company don't want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.

Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD?

Has anyone asked why China hasn't built any refinery in Nigeria?? They have the money, they want the profit, but never did it.

If China does anything against Washington interest in Nigeria, USA have too much political power over China, they will just tell them not to do it. China will continue to inflate the contract price, refuse to complete the project and deceive us further.

I don't blame Chinese leaders for trying to scam us, I blame our leaders for not being smart enough. What do you expect when you have political hacks negotiating on behalf of Nigeria against smart professionals from China. I was thinking Nigeria political leaders will do research about Chinese lobbyists in Washington and understand the interest they are protecting before believing in Chinese version of Trojan horse.

We are the only one that can help ourselves, let's implement true federalism system and free market. Development is a culture and not a product, we can't buy it no matter how much money we have or borrow..

You must be living in a PARALLEL world if you think that Nigeria's intention of being a clearing house for the Yuan in Africa means the naira will now hold steady.

If you like tie your currency with Thailand Baht or Ghanaian Cedi, the value of your currency will always have the value it deserves.

Hong Kong for instance is an administrative region of China, but guess what, its currency is firmly tied to the US dollar!

The Yuan is not automatically going to be operating independent of the dollar to boost the naira in any way.

The only thing that has happened here is that the Yuan becomes an accepted currency of exchange to facilitate direct business with Chinese people. This will not in anyway strengthen the naira but the gains will be in the avoidance of double exchange from dollar to Yuan.

The Yuan will swing with the wind depending on what happens to the world's controlling currency , the dollar.

The naira will continue its natural slide as you produce and export very little and even your trade with China becomes very expensive as the world's comparative exchange rate will not wait for the Naira/Yuan pretend marriage. The value of the naira will continue to be subject to the international exchange rate, which is controlled by and inextricably linked to (you guessed it?) the DOLLAR!

The silly idea that this arrangement could crash the dollar is only palatable to people living in a cocoon, in a cuckoo land (Nigeria), with a totally warped sense of reality.

The real winners here are the Chinese who have found another place to ship their milling population to recolonise on the cheap.

Nigeria has taken the path of double parallel which will be unsustainable in the medium term as a consumer nation.

The naira will continue to fall unless you can sell more oil or start exporting something the rest of the world would pay you for.

My projection for the naira is 500 to $1 by year end if the oil price does not improve drastically and we sell oil, the only thing we 'produce'.

By Economists
M. Amuchie & G. Otobor

REVEALED: The Reason Why Buhari Went On Vacation (Read)

President Buhari had 3 days ago, handed over powers to his deputy, Prof. Osinbajo, while he went on a 5-day vacation.

Now, it has been revealed by Sahara Reporters that Buhari decided to go AWOL due to his health status.

It was earlier revealed that during his visit to the United Kingdom, President Buhari will undertake a visit to medical doctors in a London hospital.

READ HERE: President Buhari To See Doctors In UK Over His Health

A source said there was a debate within the presidency about the medical visit, with some of his handlers arguing that the Syria meeting provides a perfect alibi as the President should not be seen to be sick less than one year after taking power.

It might be recalled that following the six-week postponement of the presidential election, Mr. Buhari spent a prolonged period in London, reportedly to rest.

He subsequently spent another nine days in London to meet with his doctors, returning only one day before his inauguration.

Revealed!!! The REAL Reason Why Catholic Demoted Father Mbaka (Read)

A Nigerian with the name Oluwatumininu on twitter has stepped into the discussion that took over twitter yesterday where a lot of people asked newly transferred Fr. Mbaka to resign from the church because 'they are persecuting him' which isn’t supposed to be so, according to them.

Father Mbaka pictured with President Buhari in a recent meeting

According to the Twitter user, most Nigerians defending Mbaka do not know the rules of the church, hence he took it upon himself to educate them on it.

Read his tweets below..

Seven Months After Inauguration, Buhari Achieves Just ONE Of 222 Campaign Promises — Report

Seven months after taking over government, the Muhammadu Buhari administration has succeeded in achieving only one out of the 222 campaign promises made to Nigerians, according to a report by Buharimetre, a civil society monitoring report tracking the implementation of the president’s campaign promises.

The report, which covers the activities of the All Progressives Congress-led Federal Government from May 29 to December 31, 2015, observed in its assessment that the achievement was in the area of the fight against corruption, even though a lot was still left undone in that regard.

“PMB has only achieved 1 out of the 222 tracked promises, which constitutes 0.5 percent of the promises,” Buharimetre reported.

More so, it reveals that while the government is taking action to achieving only 27 (12.2 percent approximately) of the tracked promises thus ongoing, 194 electoral promises are still ‘Not Rated.’

The latter constitutes 87.3 percent of the tracked promises.

The electoral promises not rated, it says, is because there is “no tangible related activities being implemented.”

The 2015 report is the fourth on the series of report on the assessment of the performance of President  Muhammadu Buhari  and the governing party, the APC, on the delivery of its 222 electoral promises.

With Only N30m In His Savings Account, Buhari May Be Africa’s Least Corrupt Leader — Report

Following the declaration of asset by President Muhammadu Buhari, which puts his savings at $150,000 (N30m ), The Washington Post has said in one of its’ report that Buhari may be the least corrupt in Africa.

President Buhari might be Africa's least corrupt leader with only N30m in his savings account

According to the reports which was tied to obtainable standards of other sub-Saharan African leaders, Buhari was described as being ‘dirt-poor’.

Recall that a statement released by  Senior Special Adviser on Media and Publicity to the President, Garba Shehu, reveals that Buhari has N30m ($150,000) in his savings account, owns five homes and two mud houses, an orchard and ranch with 270 head of cattle, 25 sheep, five horses and a variety of birds. He has bought two cars from his savings.

“President Buhari had no foreign account, no factory and no enterprises. He also had no registered company and no oil wells,” reads the statement released by the spokesman, Garba Shehu, describing the president’s assets as “Spartan.”

According to The Washington Post:

“Corruption, after all, is a major problem in Africa’s largest economy. Buhari himself has publicly said that more than $150 billion is missing from the government’s coffers. Still, the public declaration appears to be an attempt to show some much-needed transparency. Buhari was elected in March largely by promising that he wouldn’t tolerate corruption.

“What’s clear is that Buhari has done what his predecessors — and most other African leaders — have never done.”

However, It was stated in the report that the question on many minds is, ‘Is Buhari, Nigeria’s former military ruler and ex-head of the oil ministry, telling the truth?’

Read full report here.

How Buhari Can ‘Shock Nigeria To Win 2015 Presidential Election’

Following the sudden rift between President Goodluck Jonathan and General Muhammadu Buhari, experts are now tipping Buhari to stun the nation come 2015.

Jonathan and Buhari

But how possible is this?

Many are saying that Obasanjo plays a huge 'underground' role in the decisions taken in Nigeria's political affairs.

Remember that Jonathan had all the backing and support from Obasanjo which obviously helped him become Nigeria's Vice President in 2007 but now, the friendship has been dented with both personalities battling to protect their ego.

However, I keep wondering why PDP governors allegedly prostrated to Obasanjo in an attempt to win him back but instead, he asked them to go and beg their master (Jonathan).

Speaking from a neutral point of view, I still believe the effect of incumbency in Nigeria and having it that PDP has been the ruling party for many years now, there's a continued aura that they might retain the supremacy.

But then, don't write off Buhari and APC, anything is possible come 2015.

This article was sent in by a blog reader, Abdul Yusuf, and does not represent Mercy Johnson Blog.