The federal government yesterday strived to explain away its determination to borrow $915m from the World Bank. The Minister of Finance, Olusegun Aganga, who was speaking at the presidential villa shortly after the signing of the 2010 budget said the loan will be spent wisely. "The most important thing for us is to make sure that in spending we get good value for the money spent, that it is spent in areas where we generate both social and economic returns; that is what is critical."

He refuted speculations that the money will be used to finance the 2010 budget saying the administration was planning to raise a bond of about $5oo million from the international market for that.

http://gistboard.com/content/minister-justifies-n138billion-loan

1st post on NairaLand. Anyway, its hard to believe that Nigeria is broke even with all the natural resources that God has blessed us with. I hope to God one day that our politicians face justice, not in heaven but 1st on earth.

3 Yrs ago when OBJ was leaving we had about 60 Billion dollars in our foreign reserve. In 3 yrs they have been able to squander the money.

I guess Ibori must have squandared the 60 billion USD thats why Jonathan wants him arrested dead or alive. Foolish leaders, foolish followers

blah blah

ogb5:

3 Yrs ago when OBJ was leaving we had about 60 Billion dollars in our foreign reserve. In 3 yrs they have been able to squander the money.

I guess Ibori must have squandared the 60 billion USD thats why Jonathan wants him arrested dead or alive. Foolish leaders, foolish followers

Please explain how they squandered the money.

ogb5:

3 Yrs ago when OBJ was leaving we had about 60 Billion dollars in our foreign reserve. In 3 yrs they have been able to squander the money.

I guess Ibori must have squandared the 60 billion USD thats why Jonathan wants him arrested dead or alive. Foolish leaders, foolish followers

Good question. What happened to the money? May be they spent it on electricity.

3 Yrs ago when OBJ was leaving we had about 60 Billion dollars in our foreign reserve. In 3 yrs they have been able to squander the money.

indeed. Same Mr Obasanjo sold Nigerians Yaradua.

Did anyone see the 60billion?

It baffles me how a nation of 419 can be 419ed by their government!