Among Nigeria’s president Goodluck Jonathan’s only trumped projects is the establishment of rail lines across parts of Nigeria.
NewsRescue however checked the entire funding of this project as the controversy of where Nigeria’s billions in oil revenue is as being revisited by the former CBN Governor Charles Soludo and as also earlier raised by the just past Central Bank Governor, Sanusi Lamido Sanusi 9now Emir).
We found that Nigeria’s surplus oil earnings for the past 6 years with barrels of oil sold at an unprecedented record of over $100 for the entirety of the Jonathan administration was not used to finance any of the projects the Jonathan administration trumps.
President Jonathan’s government has rather put the nation in serious and worrying debts.
The rail projects were constructed as a Chinese investment in Nigeria. The Chinese government released a interest earning loan of $1.1 billion to finance this project.
President Jonathan begged for and secured that loan from Chinise president Chinese President Xi Jinping in July of 2013.
The loan was to build the entire infrastructure the Jonathan administration is now celebrating to have built including roads, the rail lines and the airport constructions.
James Ibiyeye a political strategist at HERds said, “the problem with this administration is its corruption. Where is all that money? Over $100 billion dollars earnings is no where to be seen….think about this Chinese loan; what $1 billion can do for Nigeria, then if they, Jonathan-Diezani did not loot the several billions of dollars, we will have electric trains even, underground and hover crafts. This is a lot of money we are talking about that we are rather in worrying debts.”
Nigeria’s president has depleted external reserves and borrowed so much money the nation’s future is bleak, economists say.