Loans: HURIWA reveals how China may take over Nigeria - Daily Post Nigeria

Loans: HURIWA reveals how China may take over Nigeria

The group also blamed President Muhammadu Buhari, accusing him of attempting to foist a situation whereby most Nigerians will not be able to opt-out of the future and slave labour camp of China.

The group noted that generally, there are global concerns about the alleged fraudulent, irregular, and underhand features of Chinese loan contracts with some African countries, which had resulted in a new form of economic colonialism foisted by the Asian giants. It pointed out that Nigeria owes China about $3.1 billion, more than 10% of the $27.6 billion external debt stock.

Also, it said that the increasing Chinese loan is an indication that the nation has not considered the history of Chinese loans. It noted that already, a quarter of Nigeria’s N10.3 trillion 2020 budget, that is N2.5 trillion, goes to debt servicing. The budget is still being considered by federal lawmakers.

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