Nigeria’s Minister of Transport, Rotimi Amaechi has finally reacted to reports that Nigeria has ceded its sovereignty to China in order to secure loans.
POLITICS NIGERIA recalls that the House of Representatives in their investigation 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.
Speaking to journalists in Abuja on Wednesday, the former Rivers state governor said;
“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.”
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.