Buhari’s Govt Has PhD In Loan Related Corruption — Dino Melaye

Former Kogi West senator, Dino Melaye has taken a swipe at Buhari-led federal government, saying it has a Ph.D. in perpetrating corruption through loan procurement, ABN TV reports.

Speaking at Igbere TV Leadership Excellence awards in Abuja on Thursday, the former House of Representatives member said loan has become a corruption strategy through which money is siphoned.

According to Melaye, a renowned anti-corruption campaigner, the federal government is procuring dangerous loans that will make the country a slave to the lending nations in a short period of time.

Melaye revealed that a portion in the agreement signed by the Federal Ministry of Transportation recently in the latest loan mandates China, the lending nation to take possession of the infrastructure executed with the funds and portion of the land where it is located if Nigeria does not finish payment by 2030.

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He said the 5% consultancy fee paid by the borrowing agency to consultants, who sometimes are family relatives of the head of the borrowing agency is a conduit for corruption.

“Your interest will not be a loan or what you are going to do with it but you are bringing in a consultant who will claim to be the one to have facilitated the loan, he takes 5 percent.

“If he goes to take a loan of one billion dollars, the five percent of that is enough to make you for life.

“So the latest corruption is going to take loans and bringing a consultant as a means of siphoning money. So we must continue to work against that” he said.

He called on the federal government to be mindful of receiving loans from China, describing it as dangerous.