The Minister of Transportation, Mr. Rotimi Amaechi, has revealed that the Nigerian government is about to borrow another $3billion from China.

This is coming at a time when there are controversies trailing the Federal Government’s planned securement of $500million loan from China.

The House of Representatives had raised an alarm over clauses in Article 8 (1) of the Commercial Loan Agreement signed between Nigeria and the Export-Import Bank of China.

In the said agreement, Nigeria stands to concede her sovereignty to China should there be a default in the repayment of the $400million for the Nigerian National Information and Communication Technology Infrastructure Backbone phase 2 project signed in 2018.

Part of the agreement said that: “The borrower hereby irrevocably provides waives any immunity on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration pursuit to Article 85 thereof with the enforcement of any arbitral award pursuit thereto except for the military asset and diplomatic asset.”

However, Amaechi, while speaking on Channels Television’s Politics Today on Tuesday, explained that he told the National Assembly members not to probe the loan issue too much in order not to scare the lender.

He noted that the country might lose a chance of getting another $3billion loan which the Nigerian government planned to use in executing the rail from Port Harcourt to Maiduguri.

“The reason why I said that is because we have already applied for $5.3billion to execute the rail from Ibadan to Kano. We are about applying for about $3billion to execute the rail from Port Harcourt to Maiduguri.

Amaechi, however, stated that the lawmakers approved the loans that have generated many controversies.

He wondered why the same lawmakers who approved the loan were now questioning the same loan and the terms of the loan having looked at it before.

“Don’t forget the National Assembly approved that loan. It is unconstitutional and impeachable if you take a loan without the approval of the National Assembly. So the same National Assembly that approved the loan is now questioning the same loan and the terms of the loan having looked at it before.

“If I am the lender, I will be worried. If they get worried, they will say ‘No, we will not approve the remaining loans you have applied for,” he said.

[url=https://www.pmnewsnigeria.com/2020/08/05/nigeria-applying-for-another-3b-chinese-loan-amaechi/][/url]

I will like Nigeria for a Borrower that has no shame.
Please let's use our Senate as a collateral for 1 trillion bucks, since Debt is something we cannot control.

Abeg jare , I will Design a Professional Logo for your product or Business for 2k Only

Kuku sell all of us.
What's the essence of the money you borrowed and we didn't see the usefulness??
Omo, this country matter tire me ooo.
Just one chance to leave this country abegi.
Bunch of unrepentant thieves!

Islie:



“The borrower hereby irrevocably provides waives any immunity on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration pursuit to Article 85 thereof with the enforcement of any arbitral award pursuit thereto except for the military asset and diplomatic asset.”

[url=https://www.pmnewsnigeria.com/2020/08/05/nigeria-applying-for-another-3b-chinese-loan-amaechi/][/url]

Something to be worried about....

In case we wake up one day and APC government says that we've been sold to China, please call me Chung Li, what will I call you ?

Damnnnnn niggarrr
Isoright

Every thing na just borrow borrow

Remember my grandfather will always say to me
"Son do not borrow too much in life because it leads to doom"

naija my kuantri

Borrowing for capital project is better than borrowing for looting.

You guys have my consent to sell the country, Nigeria can be rẹ-colonized by China, no big deal as we no wan get sense


Dra was Here

Bastards

It’s well with Nigeria �� o

Lol
I dont envy the next president at all.
My prayer is for Igbo presidential ambition to fail woefully.Let it not be said, " Igbo presidency destroyed Nigeria" just like they are saying Jonathan's government is the most corrupt despite Abacha's legendary loot that we are still yet to recover all.

let me also apply for loan of 3k from china

These ppl will wreck this country

haaaabaaaa, isn't it getting too much with this regular taking of loans in billions??
this guys are sinking this economy with soo much loans and nothing to show for it because the said infrastructure isnt getting any better..
i jus pity the new administration thats coming in after this APC because if its PDP it would be years of endless complaining about how this curren APC sank the nation with loans..

Shanklee:
H

Drabeey:
Lol

Artiiclebeast:
I

Linjopp:
X

sylve11:

[quote author=Evergreen4 post=92472853]

How much una wa sell this land

Las las naija go switch her phone when China come calling for the loan.

Just like an average Nigerian, the law makers approved the loan without reading the terms and conditions, now it's haunting them

Naija and borrow borrow though! The unfortunate thing is that they will share bulk of the loan and manage the rest to do shabby construction work. It is well

IT'S AS IF THEY ARE DOING US IN THIS COUNTRY...... WE JUST LOVE TO DEY BORROW MONEY UP N DOWN....

Goodnyt Nigeria...

Miger

Brandstudio01:
Please let's use our Senate as a collateral for 1 trillion bucks. By the way they're our representatives.

What really representatives for

I have been saying it... 2023 should be focused on our representives not president or state governors.

Senators, House of Rep members and state assembly are those who can make quick effect of changes only if credible are elected.

Even if the governor or president is a dumbo, active assembly should put things in order..

going...going......gone!

They embezzle more than they borrow. Awon oloshi. Ordinary Pondei will settle Nigeria debts if he feels like

helinues:


I have been saying it... 2023 should be focused on our representives not president or state governors.

Senators, House of Rep members and state assembly are those who can make quick effect changes only if credible are elected.

Even if the governor or president is a dumbo, active assembly should put things in order..

I thought you are solidly behind buhari and one of the praise singers?or am I mistaken?

This current legislature are nothing but joke.
I love Saraki, he stood his ground and made them understand that they could not just be borrowing any how

Dear Nigerians are you not tired of this evil package called "government"
They are literally mortgaging the future of your children to China.

It's not like the money would be used judiciously, it'd still be stolen and looted so why BORROW?

You might say e no concern me, just wait and see what happens in the next 5 years then you'd understand. Have you all seen what us happening in Zimbabwe & Zambia? It'd be worse here

Do these clowns even think before they open their mouths?

APC both as a party or individuals that represents it, are idiots..

if you aren't joining the protest today,

you've lost the right to complain.