Why we take loans from China – Amaechi

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Tunde Ajaja

“Compared to the loans we got from the Western countries, this is at 2.8 per cent, for 20 years with seven years moratorium. Why won’t we pay back?” The minister also faulted insinuations that Nigeria signed away its sovereignty with the sovereignty clause in the loan agreements, noting that the clause was only to guarantee the repayment of the loan and not for the country to lose its sovereignty.

What you do is to give a sovereign guarantee, which is the clause generating reactions. And I’m ashamed by those interpreting it the other way.”

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