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China loan: I didn’t know about the sovereignty clause, but nothing is wrong with it – Amaechi

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China loan: I didn’t know about the sovereignty clause, but nothing is wrong with it – Amaechi

 

 

 

 

 

 

 

 


The Minister of Transportation, Mr. Rotimi Amaechi, has said that he didn’t know about the sovereignty clause in the Chinese loan agreement until recently, stressing that though nothing is wrong with the clause.

The minister who spoke to journalists on Wednesday at Idu train station in Abuja during a COVID-19 protocol compliance and inspection, said the implication of the clause is that if Nigeria defaults on loans repayment, China has right to take over those assets and run them until it recovers its money.

The House of Representatives in their probe of Chinese loans to Nigeria found that the agreements ceded Nigeria’s sovereign right on the assets financed by the loans to China if there was payment default.

But Amaechi said: “I am appearing before the House of Representatives again on the 17th of August.

“I just got to know that there is a clause in the agreement but it’s simple. You can’t take away the sovereignty of Nigeria but the implication is that if at the end of the day, you don’t pay the loan, the Chinese will take whatever they want without the nation talking about sovereignty.

“But what the Chinese normally do is that they go after the same asset to recover their money. So what is wrong with that? You are asking for $5.3bn. Just give that sovereignty. Now for me, the National Assembly in its wisdom thinks that is wrong, then they should tell us how to get the money to build these infrastructures. The loan to construct Ibadan to Kano rail is $5.3bn, and is being planned,”.

Video Source: ChannelsTV

He said there was nothing wrong with the investigation but that it should not jeopardise the government’s means of raising capital for long-term infrastructure development.

On the Abuja-Kaduna rail service loan, Amaechi said the Ministry of Finance, Budget and National Planning has already opened an account where operating surpluses would be deposited monthly to raise money to start the $1.1bn loan repayment.

China loan: I didn’t know about the sovereignty clause, but nothing is wrong with it – Amaechi China loan: I didn’t know about the sovereignty clause, but nothing is wrong with it – Amaechi
China loan: I didn’t know about the sovereignty clause, but nothing is wrong with it – Amaechi
Parrot Nigeria
An online news aggregator

6 COMMENTS

  1. Amechi said he just got to know there is a clause..the national assemble think in its wisdom .. Mr oga the best thing is to sell the country…because you amechi can not tell me that 3-5 able Nigeria including you cannot provide that money after all the looting … Just 5.3billion dollars God help the nation.and the annoying part is that notting is largely going to the Eastern part..

  2. Amechi said he just got to know there is a clause..the national assemble think in its wisdom .. Mr oga the best thing is to sell the country…because you amechi can not tell me that 3-5 able Nigeria including you cannot provide that money after all the looting … Just 5.3billion dollars God help the nation.and the annoying part is that notting is largely going to the Eastern part..

    Reply

  3. The question we should ask is how some like Amaechi is being appointed as a minister. It’s not only amazing but insulting for a minister to come out in the open to he’s not aware of certain clause(s) exist in an agreement he signed. It’s a shame on Nigeria as a country for appointing the likes of Amaechi as minister. He even has the mouth to say that selling Nigeria’s sovereignty for a pot of porridge means nothing. His calculation on amount their going to pocket from the deal matters more to him than the country’s sovereignty. What a shame?

  4. This our country is totally in big problem, can anyone here a minister of transportation saying he doesn’t know of claus but went ahead to signed an agreement , still saying there is nothing wrong with it, Nigeria don’t need this pure illiterate as to trust the future of the onborn, why can’t this country wake up to reality

  5. I think Ameachi is a mad man,one with sense,see how they are just playing ball games with the future of this country, what is wrong with this government? Everyone running this government is sick,this. Is really a zoo, of a country.

  6. think Ameachi is a mad man,one without sense,see how they are just playing ball games with the future of this country, what is wrong with this government? Everyone running this government is sick,this. Is really a zoo, of a country.

    Reply

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