Lawmakers raise the alarm over Chinese loans

By FN Editor on 29/07/2020

Share on facebook Yahoo mail icon Gmail icon

Views: 198


The House of Representatives has raised the alarm over loan agreements being entered into by the Federal Government with China.

According to the lawmakers, Nigeria will concede some of its sovereignty if the country defaults in the repayment plan.

The House Committee on Treaties, Protocols and Agreements, which raised the alarm in Abuja on Tuesday, expressed its resolve to review loan facilities already taken by the country from China and other countries.

The Minister of Transport, Rotimi Amaechi, who appeared before the committee on the $500m loan taken on the Abuja-Kaduna and other rail line projects, however, warned the lawmakers against sending a wrong signal to China.

He said this might lead to abandonment of ongoing projects if the Asian country calls off the agreement.

Chairman of the committee, Nicholas Ossai, faulted non-involvement of the National Assembly in loan negotiations by the Federal Government and its officials.

He cited the loan obtained for the Galaxy Backbone to build and operate the National Information and Communication Technology Infrastructure Backbone, a cross-country optical fibre backbone, from the China-Exim Bank in September, 2018 as an example of such loans.

The committee specifically cited Article 8(1) of the agreement, which states that, ‘the borrower hereby irrevocably waives any immunity on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration proceeding pursuant to Article 8(5), thereof with the enforcement of any arbitral award pursuant thereto, except for the military assets and diplomatic assets.’

Ossai said, “I have also seen from the Ministry of Communications where Nigeria signed off some certain level of its sovereignty if part of the clauses is breached.

“So, when the National Assembly reacts in this manner, to question some level of agreements being entered into by any ministry of this country with any other nation, we have every right to question that; because anything that is going to happen will happen to our generations unborn.”

Responding, Amaechi however disagreed with Ossai, saying the Federal Government could not be sending all its international deals to the lawmakers for scrutiny before they are signed.

Meanwhile, the committee asked Ameachi to reappear on August 17 along with more details on the loans and projects.

It also summoned the Minister of Communications, Dr Ali Isa Pantani; and Minister of Finance, Mrs Zainab Ahmed, to explain the $500m loan and provide details on the agreement signed between the Federal Ministry of Transport and the CCECC.

The Director-General of the Debt Management Office, Ms. Patience Oniha, was also summoned.

 

 

Source Punch

Posted on July, 29 2020

Share on facebook Yahoo mail icon Gmail icon


You may also like...
Boko Haram kill almost 150 in fresh attacks...

Breaking News.... New Service Chiefs and NSA have...

You are what you eat

Two PDP Governors To Defect To APC –...

PDP sponsoring aspirants in APC- Party Chairman

Soldiers’ inadequate commitment affecting insurgency war – Buratai...

Euro leaders reach agreement on Greece bailout deal...

Car Bomb Explosion Kills Former Defence Minister in...

Okorocha problem of APC in South East -Uzodinma...

White House Needs ‘Grown-Up’ In Times Of Crisis...

Buhari confirms receipt of 2018 Appropriation Bill from...

Sen. Dino Melaye loses mother

 

 

Advertisement

 

Latest News Police arrests IPOB herbalist and 67 other members in Imo Youths are indispensable in our overall development - Abia Speaker A Riposte to Alex Otti's Hubris Abia Assembly rejects Eze Chikamnayo's nomination Abia: PDP inaugurates Newly elected State Executive members Ondo Deputy Governor resigns from PDP after less than two months of defection Lagos CJ approves long vacation for judges Anambra community leader allegedly dies in police custody Only 7 doctors work in 131 health centres in Ekiti - Medical practitioners I am not HIV, I am living with HIV - Kenyan communication executive, Doreen Moracha who has been living with HIV for 28 years writes

 

Most Read Islamic agenda for Nigeria – Pastor Bosun (27,877 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (25,066 views) The show of shame that sealed Justice Uzokwe’s fate (18,906 views) Cojoined Twins Abby And Brittany Hensel Pose in Bikini (10,864 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (10,788 views) Abiriba Kingdom Celebrates as Eze Kalu Kalu Ogbu (IV) marks 14th year on the throne (9,888 views) Give birth to only children you can cater for - Emir of Kano, Sanusi tells Nigerians (9,445 views) Lawyers accuse Lagos Police of working for PDP (8,905 views) Radio Biafra delivers AM Transmitter (8,874 views) Ebola virus in Syria – Infecting ISIS members (8,712 views)