I Didn't Ask Obi Cubana to Loan Money to Nigeria – Lai Mohammed

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Minister of Information, Lai Mohammed has debunked the news circulating that he asked Obi Cubana to loan Nigerian government money, describing it as fake news that never emanated from him

This was contained in Facebook post on the Ministry of Information and Culture verified Facebook page on Sunday.

An online medium had on Saturday reported that Mr. Lai Mohammed had called on Obi Iyiegbu, Group Chairman,  Anambra Obi Cubana to loan money to the Federal Government as videos and pictures of extravagant burial of his mother flooded the social media on Saturday.

“Obi Cubana has this kind of money and Nigeria is borrowing money from China. Cubana  should borrow us money, Nigeria is collapsing – Lai  Mohammed,” the online news reported

The social media was thrown into frenzy with news of lavish funeral of the mother of Obi Iyiegbu a.k.a Obi Cubana in Oba Anambra State.

This led to so many reactions from Nigeria, where some advised the Federal government to approach Obi Cubana  and his  likes for  loans instead of going to China

Same yesterday, news had it that China is developing cold feet in granting more loan request from Nigeria, and Nigeria is looking elsewhere.

The Senate on Thursday approved Buhari’s $8.3bn and €490m external loan request.

 This will raise Nigeria’s total debts to N32.92tn from N12trn in 2015.

Business Compiler on Friday reported that FG spends 72% of its revenues on debt servicing. The country spends a whopping 72% of its revenues on debt servicing annually, leaving a paltry 28% for developmental projects.

During the 2020 budget performance review on Friday, Ministry of Finance reviewed that Nigeria uses 72% of its annual revenues to service debts. 

Federal Government made a total of ₦3.25tn in 2020, according to a review of the budget performance of the 2020 Appropriation Act, and the review also showed that the Federal Government spent a total of ₦2.34tn on debt servicing within the year.


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