Wednesday, October 21, 2020
Home Economy Reps uncovers clauses conceding Nigeria’s sovereignty to China in loan deal

Reps uncovers clauses conceding Nigeria’s sovereignty to China in loan deal

A House of Representatives committee has raised the alarm over clauses conceding Nigeria’s sovereignty to China in a loan agreement.

The loan agreement came to light at an investigative hearing conducted by the House Committee on treaties and agreements chaired by Nicholas Ossai, a lawmaker from Delta state, when Rotimi Amaechi, minister of transportation, appeared before the panel.

The clause described as “lethal” by the Committee is in article 8(1) of the commercial loan agreement between Nigeria and Export-Import Bank of China.

The $400 million loan was obtained for Galaxy Backbone, the Federal Government’s information and communication technology (ICT) agency, in 2018.

“The borrower (Nigeria) 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,” the clause as reported by newsmen read.

The Chairman of the committee also said there are agreements signed by the ministry of communications and digital economy where the country’s sovereignty will be breached if it defaults in the agreements.

“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. Whether we get it from China or not is immaterial,” Ossai said.

“The most important thing is that we must save and protect our people as regards agreements, because most of the agreements that have been signed, the national assembly has no knowledge.

“Even the details embedded in those agreements are not forwarded to you when demanding counterpart funding.

“You don’t have the details, clause by clause, in line with the Act that established DMO. We need to know those details even before going to sign such agreements. But those details are not provided to the parliament.

“So, we have the right to question them.”

The Committee has summoned Isa Pantami, Communications Minister; Zainab Ahmed, Finance Minister, and Patience Oniha, Director-General of the Debt Management Office (DMO), to appear before it on August 17.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

FOLLOW US:

6,985FansLike
1,458FollowersFollow
553SubscribersSubscribe

Most Popular

Curfew: Flight Operations at MM Airport Lagos suspended

Flight operations at the Murtala Mohammed Airport in Lagos have been suspended following the 24-hour curfew imposed in the state by Babajide...

#EndSARS: Senate asks Buhari to address Nigerians

The Senate on Tuesday asked the President, Major General Muhammadu Buhari (retd.), to address the nation immediately on the current nationwide protests...

I won’t endorse 2021 budget if there’s no compansation provision for #EndSARS victims – Speaker

The Speaker of the House of Representatives, Femi Gbajabiamila, has disclosed that he will not sign the 2021 budget if provision for...

#EndSARS: A MULTIPLE TWIST TO A PROTEST

It is saddening what the so called #EndSARS protest has today turned to. Is the alleged prison break...