When I was campaigning for President Buhari, I made it clear that I have no rigid loyalty to any political leader but rigid loyalty to good leadership. Despite the fact that I campaigned for Buhari and still his supporter, I still criticise him when he goes wrong. But when criticism is taken from a bias perspective; it makes little or no impact at all on whom such criticism is directed to but rather serves as a distraction to governance.

I have carefully observed Governor Fayose’s bias and unnecessary criticisms against Buhari and see that he has been making unnecessary noise.

The latest of his criticisms against Buhari that amount to unnecessary noise making is his criticism of Buhari’s visit to China and the China loan and currency swap deal against the dollar which has been hitting hard on Nigerian currency and economy.

Taiwo Ojoye published that : “Nigeria signed a landmark currency deal with the Industrial and Commercial Bank of China Ltd on Tuesday, the 12th of April 2010 in Beijing, China. The agreement will allow Nigerian who imports mainly from China conclude their transactions in the Chinese currency instead of the dollar.

The new agreement would see Nigeria-China trades, which accounts for over 70 percent of imports into Nigeria, concluded in the Yuan. Until now over 90% of int'l trades between Nigeria & the world is done in dollars, & in the process putting so much pressure on the naira.
Nigeria imports almost all it needs from the West, Middle East and Asia.

The CBN is expected to diversify a huge chunk of Nigeria’s foreign reserve from the dollars to the Yuan to perfect the agreement.

It means that the (Yuan) is free to flow among diff banks in Nigeria, & the Yuan has been included in the foreign exchange reserves (FXR )of Nigeria,”

Lin Songtian, director general of the African affairs department of China’s foreign ministry, told reporters in Beijing that a framework on currency swaps has been agreed with Nigeria, making it easier to settle trade deals in Yuan.

Also, Nigeria would become the clearinghouse for Yuan denominated transactions for the whole of Africa following the agreement.

Beijing also signed agreements to develop infrastructure in Nigeria, part of a drive to deepen its ties with Africa.

It has offered Nigeria a loan worth $6 billion to fund infrastructure projects”.

One of the advocates for good governance Bakare Kabir asked that: Have you ever wondered what gave Fayose the gut to write Chinese president not to honour $2b loan of Buhari?

Bakare notes that he answer is simple, “Fayose and other PDP preparing for 2019 have stacked money in dollars for the election, Buhari’s step in signing Yuan will further break the back bone of their collective ambition”.


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