We cannot afford to sell our soul and lose Nigeria’s sovereignty to China in the name of mouth-watering loans
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To source the finance for the projects, Nigeria has to sign several loan agreements, to finance the various stages of the projects. Last week, the House of Representatives raised an alarm over the propriety of some clauses in several of the loan agreements, signed on behalf of the country.
The minister had said: “I have said here to the House, and it is a pity that I’m saying it in public, this government, outside Nigeria, they are sensitive to what you say. Nobody is stopping you from your investigation and no government from outside Nigeria can stop you from doing it.” When prodded further, he retorted: “Can we be allowed to get this loan? Then you can summon us, not to start what you are doing and the whole process will then be stopped,” he added.
For Nigeria and the rest of the developing countries, the years of debt peonage under the western-controlled International Monetary Fund and the World Bank, should not be exchanged with an intractable entanglement with Chinese loans, on unconscionable terms. Those who sign off loan agreements on behalf of our country, must brace up. They should not sign whatever is presented to them, for whatever reason.
One of the greatest challenges of our country is the mismanagement of our resources, arising from corrupt practices. Another challenge is the dearth of critical manpower, despite the abundance of skilled nationals, across the world.
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