Nigeria’s Minister of Transportation, Rotimi Amaechi, has maintained that Nigeria independence and territorial integrity will not be affected by the loan agreement signed with China.
Amaechi made the clarification during an interview on AIT on Friday.
Amaechi explained that the clause was only to guarantee the repayment of the loan and not that Nigeria will concede its Sovereignty to China.
He said the federal government decided to take Chinese loans because of its flexibility and ease of payment.
He said “We approached China for loan 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”.
Also Read: Reps Raise Alarm Over Loan Deal Conditions Surrendering Nigeria Sovereignty To China
The Minister noted that if the country stopped taking the loans, the infrastructure projects embarked on by the federal government will suffer setback.
“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.
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