Saturday, Sep 19th 2020 9:18 AM
Lagos
+29°C

Market Digest Nigeria

News

Chinese loans: Buhari, Amaechi under ‘fire’ over Nigeria’s sovereignty

Peoples Democratic Party,

The Peoples Democratic Party, PDP, has said the revelation of obnoxious clauses in the agreements entered into by the All Progressives Congress, APC administration with their Chinese lenders in the $500 million loan, has vindicated its stand that the ruling party has been secretly mortgaging the sovereignty of Nigeria to benefit its selfish leaders.

President Buhari

The party stated this in a statement issued by its spokesman, Kola Ologbondiyan on Sunday.

This is as the party claimed its investigation showed that “the mortgaging of our nation’s sovereignty to foreign lenders, including the exposed $500 million loan from China, has been with the active connivance of the APC as a party, even when such is against our national interest.”

The statement read in part: “The PDP strongly rejects the attempts by the Buhari administration to justify this reprehensible pawning of our sovereignty to a foreign interest.

“Nigerians can recall that our party had on May 28, 2020 alerted that the Buhari administration and the APC had placed our nation on the international auction market with an accumulation of foreign loans under nebulous terms.

“The PDP declares that the APC agenda offends our corporate existence as a nation and grossly violates the fundamentals of our constitution as a self-governing state, which grant no space for any form of takeover of any of our national interests by foreigners, under any condition whatsoever.

“Such mortgaging of our sovereignty in a loan agreement is in further violation of the oath of office of the President to protect the interest of the sovereignty of our nation.

“This gambling with our sovereignty amounts to unpardonable treachery against our nation and the future of our generations yet unborn particularly given the level of incompetence, corruption, treasury looting, as well as betrayal of public trust by officials of the APC administration, which President Buhari had also confirmed.

“The PDP is further irked by the arrogance being displayed by some officials of the Buhari administration who, rather than being remorseful, are daring Nigerians and the National Assembly over the matter.

“The attitude of government officials including the Minister of Transportation, Rotimi Amaechi, who instead of taking steps to reassure Nigerians, is referring to ceding of control and ownership of assets in the event of default, further raises questions regarding the reliability of the current administration.

“The PDP holds that the demand for such toxic terms by the Chinese lenders underscores the loss of confidence by the international community in the Buhari administration, whose corruption has made it so untrustworthy that lenders now demand that we cede our sovereignty as condition.

“Nigerians reject such sovereignty-pawning clause and are not ready to mortgage any parts of our country under any guise whatsoever.

“In that regard, the PDP charges the APC administration to retrace its step and halt every action regarding the administration of the loan until all toxic clauses are deleted from the agreement.”

The party also called on the National Assembly to review all foreign loan agreements entered into by the APC administration thus far.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top
SUBSCRIBE NOW!
Get the best of Market Digest Nigeria financial news
delivered to your inbox daily!
By clicking Give it a try, I hereby: Agree and Consent to the Terms of Use and the Privacy Policy
& I may receive free newsletters & promotions from this site and can choose to unsubscribe anytime.