Nigeria Business Information
No Result
View All Result
Wednesday, June 29, 2022
  • Login
  • Register
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
Subscribe
Nigeria Business Information
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
No Result
View All Result
Nigeria Business Information
No Result
View All Result
Home Nigeria News

Nigeria Is Already Paying China Loans – Rotimi Amaechi Declares

by Temitope O.
August 2, 2020
in Nigeria News
Ibadan-Kano Rail

After the controversy generated by the National Assembly over $500m China loans, Nigeria’s Minister of Transportation, Mr. Rotimi Amaechi, has said the country has already started repaying the China loans.

Amaechi stated this while appearing on a live television programme aired on AIT on Saturday. 

The House of Representatives summons Ameachi, others over railway contracts, $500m China loan ‘China loans not debt traps for Africa’ He said, out of the $500m loan the federal government took to build the Abuja-Kaduna rail line, $96m has been paid, adding that Nigeria has the capability to pay all the China loans. “We are paying the loans. 

“In the same National Assembly sitting, they were told that the $500million loan, we have paid $96m already. “Nigeria is already paying and the $500m was not taking by us, it was taken by President Goodluck Jonathan in his term and that clause was there,” he said. He said the excitement about the immunity clause is misplaced as it was just a clause that protects China money. 

“Anybody that is saying he doesn’t know what a sovereign guarantee or immunity is, too bad for the person, because it simply means in trade that I am not giving you this loan free of charge, just like you go to the bank to collect a loan, the moment you don’t pay they go after your assets you put down. “That is all about the clause, the Chinese can never come and take over Aso rock and become President or Minister,” he said. 

RelatedPosts

Condemnation Trails FG’s Plan to Impose More Tax on Carbonated Drinks

Honeywell Flour Mills debunks liquidation rumour – Acquisition by Flour Mills of Nigeria Plc followed due process

Flour Mills of Nigeria Plc takes over Oba Otudeko’s Honeywell Group in a deal worth N80 billion

The House of Representatives, in their probe 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. This findings have been generating reactions from Nigerians all through the week. But he said all the conditions that Nigeria signed on the loans was approved by the National Assembly, hence the probe was unnecessary. 

Amaechi said it would be unconstitutional to take a loan not approved by the National Assembly, but for the issue of confidentiality in government he would have published the clauses generating the dusts. “The National Assembly are aware of all these loans. “We can’t take loan without the National Assembly. “So, ask why they are investigating? “The Chinese is just asking us to show them the evidence that we will pay back which is the immunity clause. “If we don’t pay, they can take back their assets,” he noted.

TOOLKIT: Are You New to Tenders/Contract Bidding and Require Assistance? CLICK HERE

Tags: China LoansNigeria news
ShareTweetShare

POPULAR

  • Nigerian Communications Commission

    Nigerian Communications Commission (NCC)- Expression Of Interest For The Execution Of Projects Under The Nigerian Communications Commission (NCC) 2022 Budget (88 Lots)

    0 shares
    Share 0 Tweet 0
  • How to Check for your Individual TIN (Tax Identification Number) Online

    0 shares
    Share 0 Tweet 0
  • National Inland Waterways Authority (NIWA)- Expression Of Interest (EOI) And Invitation To Tender For Projects Contained In The Year 2022 Budget Appropriation (17 Lots)

    0 shares
    Share 0 Tweet 0
  • Achieving Health Nigeria Initiative (AHNi)- Request For Quotation For Supply Of Medical Laboratory And PWIDs Consumables

    0 shares
    Share 0 Tweet 0
  • Download List of NGO/Government Tenders with June 2022 Deadlines

    0 shares
    Share 0 Tweet 0

Copyright © 2021. All Right Reserved Nigeria Business Information

No Result
View All Result
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription

Copyright © 2021. All Right Reserved Nigeria Business Information

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

instagram volgers kopen volgers kopen buy windows 10 pro buy windows 11 pro

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.