Lawmaker condemns Fayose in letter to Chinese President

chika ebuzor

April 19, 2016 7:30 AM

Governor Fayose wrote a letter to the President of China on Thursday, April 14, 2016, asking him not to grant Nigeria any loan.

House of Representatives majority leader,

Gbajabiamila also made a case for President Buhari's loan request.

Governor Fayose wrote a letter to the President of China on Thursday, April 14, 2016, asking him not to grant Nigeria any loan.

An excerpt of Gbajabiamila’s letter, obtained from Punch reads: “Mr. President, perhaps our governor is not fully seized on the way budgeting works at the federal level. The Federal Government of Nigeria has a three-year budget rolling plan captured under a Medium Term Expenditure Framework. The MTEF 2016-2018 has a borrowing component in which the legislature approved for the President to incur both domestic and foreign loans for the purposes of infrastructural development and deficit financing.

“This MTEF was passed unanimously, by the National Assembly including the six House members and three senators from Ekiti, the governor’s state.”

“I am therefore dismayed as are many members of the National Assembly that the governor would claim that the loan sought from your government did not have parliamentary imprimatur.

“It is also a fallacy that the country’s debt is being financed with 25 per cent of the Federal Government’s annual budget as there is something in economic and legislative borrowing parlance called nominal debt service where a portion of borrowed monies in this case about N1.3tn stays within the country’s financial system. Such are the intricacies of national debts, aids and loans,” the letter said.

The Deputy National Chairman (South) of the All Progressives Congress (APC),

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chika ebuzor