Nigerians must surely be a nation of the so called 160 million dumb citizens according to one Nigerian writer if they can be so excited over the trip of their President to China to borrow a mere $1.1 billion as loan that will be needed by this Nigerian government to rapidly develop, expand and modernize her old and collapsing national infrastructures. Have Nigerians forgotten that their country is an oil-rich nation that is also the world's sixth largest producer and exporter of oil to the nations of the world?
Nigeria produces about 2.5 million barrels of oil a day or 1 billion barrels of oil a year. This oil is now selling for about $102 a barrel in the international market. This means that Nigerian government makes about $102 billion a year as her oil revenue. Nigeria also has an annual GDP of $273 billion according to the IMF, World Bank or the CIA yearly Fact Reports on nations around the world. Nigeria also is presently experiencing a yearly economic growth rate of 7.5% which is almost triple that of America or the western Europe with about 2% to 3% annual growth rates.
Are Nigerians very bad students of their own history that they have quickly forgotten that Sanni Abacha personally stole about $4.5 billion, another $12 billion extra oil revenue from the first Iraqi war with America that was outside the budget vanished under the watch of IBB. Obasanjo spent $16 billion to give Nigerians zero kilowatt of electricity at the end of his government in 2007 and Ibori personally stole $250 million from the Delta State government coffers. The dead and the living rogue leaders of Nigeria can loan Nigeria more money from their personal loots than the Chinese which would have prevented President Jonathan Goodluck from chaining the entire financial life and the future of the 160 million Nigerians today and the millions of unborn Nigerians into the hands of the Chinese for the next 15 to 20 years and with a huge interest of $660 million to the Chinese creditors
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