Halt loans agreements with China pending scrutiny of conditions

With China’s glaring lack of tolerance for sleaze and vague financial transactions, not a few were riled by the Minister of Transportation, Rotimi Amaechi’s

sensational claim that the Asian giant will not approve Nigeria’s request for loans if the National Assembly continues its ongoing probe.

Furthermore, they stressed that since China had in the past been accused of allegedly applying fraudulent, irregular and underhand pressures in the structure of its loan agreements with countries, government officials like Amaechi should desist from intimidating the legislature into abandoning its constitutional role of oversight.

“Unfortunately, these agreements are usually not made public. In addition, due to our leaders’ weaknesses, agreement to pay the loans, and the craving to siphon/loot the loans for private purposes, they rarely take time to read/study the agreements before signing.” He added: “For the avoidance of doubts, the constitution vests the National Assembly with the power to make laws with respect to any matter that concerns “borrowing of money within, or outside Nigeria for the purposes of the federation or of any state” and “public debt of the federation.

He said there was no better time to embark on forensic audit of the Chinese loans obtained by the country so far than now, as according to him, “Amaechi’s statement is loaded with blackmail and whipping of sentiments designed to force the National Assembly to suspend the probe and most especially, in view of the discovery of the purported clause in the loan agreement that could impair the sovereignty of Nigeria.

“When I read about cases involving Zambia and some other Central and Eastern African countries, I feel such cannot happen here. But with this revelation about ceding of Nigeria’s sovereignty, I was flabbergasted to see that some of those things were surreptitiously included in some of the contracts or loan agreements between Nigeria and China.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

GuardianNigeria /  🏆 1. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

No need to panic, Nigeria is already paying China loans – AmaechiThe Minister of Transportation, Mr. Rotimi Amaechi, has said that Nigeria is already repaying China loans. Amaechi stated this when he appeared on a live television programme (Democracy Today) aire…
Read more »

Loans: Amaechi should resign, China targeting Nigeria's gas - PDP topshot [VIDEO] - Daily Post NigeriaKatchi Ononuju, a chieftain of the Peoples Democratic Party, has advised Minister of Transportation, Rotimi Amaechi, to resign. Ononuju made the call
Read more »

Loans: HURIWA reveals how China may take over Nigeria - Daily Post NigeriaThe Human Rights Writers Association of Nigeria, HURIWA, has condemned what it described as the new form of economic colonialism foisted by China and
Read more »

Why we take loans from China – Amaechi|h4 style=
Read more »

China denies hacking US COVID-19 vaccine developer ModernaChina has rejected charges that hackers linked to its government targeted biotech firm Moderna Inc, a leading US-based coronavirus vaccine...
Read more »