News FG reveals why Nigeria signed sovereignty clause in loan...

FG reveals why Nigeria signed sovereignty clause in loan agreement with China

-

- Advertisment -

FG reveals why Nigeria signed sovereignty clause in loan agreement with China

 

 

 

 

 

 

 

 
Nigeria’s Minister of Transportation, Rotimi Amaechi, has insisted the country has not signed away its sovereignty to China.

He explained what the clauses implied.

Speaking during an interview on AIT on Friday, Amaechi explained that the clause was only to guarantee the repayment of the loan and not for Nigeria to lose its sovereignty.

According to him, the federal government approached China for loans, because of their low interest rates, the payback period and moratorium.

Amaechi claimed the loans were “given for 20 years at 2.8 per cent” and paid “directly to the contractors”.

The Minister noted that if the country stopped taking the loans, the infrastructure projects embarked on by the federal government will be affected.

“No country will sign away its sovereignty. The clause says ‘I expect you to pay according to the terms that we agreed on, but if you don’t pay, when I come to collect the assets you used as guarantee, don’t wave your immunity at me and say you can’t touch our assets because we are a sovereign country.

“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,” Amaechi said.

On Tuesday, the House of Representatives Committee on Treaties, Protocols and Agreements raised an alarm over loan agreements being entered into by the Federal Government with China.

FG reveals why Nigeria signed sovereignty clause in loan agreement with China FG reveals why Nigeria signed sovereignty clause in loan agreement with China
FG reveals why Nigeria signed sovereignty clause in loan agreement with China
Parrot Nigeria
An online news aggregator

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Love at isolation centre: Discharged patient ignores father, goes home with soldier

                There was a mild drama at the Oyo state Infectious Disease Centre on Saturday when a young woman refused...

‘Yahoo’ boys have become role models – Diezani laments

A former Minister of Petroleum Resources, Diezani Alison-Madueke, says societal values have disintegrated to the extent that online fraudsters...

Tochi has been evicted from the BBNaija Lockdown

Tochi has been evicted from the BBNaija Lockdown reality show. Tochukwu Okechukwu Tochi becomes the second housemate to be evicted...

Ebuka Obi-Uchendu wows in unique black agbada for BBNaija eviction show (Photos)

BBNaija lockdown host, Ebuka Obi-Uchendu has in his usual manner stunned viewers with his unique agbada style which he...

BBNaija Lockdown : Eric has been evicted for the show

Eric has been evicted from the BBNaija Lockdown reality show. Eric Akhigbe becomes the first housemate to be evicted during...

kashamu: ‘We must be kind to the dead’ — Tinubu cautions Obasanjo

              Bola Tinubu, national leader of the All Progressives Congress (APC), says the demise of Buruji Kashamu has demonstrated that...

TRENDING

Arsenal agree terms with Coutinho – Reports

Arsenal have agreed personal terms with Brazilian midfielder Philippe...

School proprietors hail Sanwo-Olu for reopening schools

              The National President of the Private Education Developers’ Association...
- Advertisement -

You might also likeRELATED
Recommended to you