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Amaechi On Loan: China Can Seize Assets If Nigeria Defaults - Politics - Nairaland

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Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by dre11(m): 6:59am On Jul 30
The Minister of Transportation, Mr. Rotimi Amaechi, has said if Nigeria defaults on loans repayment, China has right to take over those assets and run them until it recovers its money.

The minister spoke to journalists yesterday at Idu train station in Abuja during a COVID-19 protocol compliance and inspection after rail operation resumed.

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.

But Amaechi 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.

On the Abuja-Kaduna rail service loan, he said the Ministry of Finance, Budget and National Planning has already opened an account where operating surpluses would be deposited monthly to raise money to start the $1.1bn loan repayment.

https://www.dailytrust.com.ng/loans-china-can-seize-assets-if-nigeria-defaults-amaechi.html

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by ursullalinda(f): 6:59am On Jul 30
Yet we want to go borrowing knowing fully well that we must default.......How did we settle for this greedy and selfish people as leaders.........they are only after their loot and not what happens after.

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by kingphilip(m): 7:00am On Jul 30
Just give that sovereignty.

So Mr minister, it is as easy as this?

Una just de sell the country in the name of loan so as to loot instead of make una sell am give everybody him share ba?

This is akin to Esau and Jacob in the Bible. We are about to sell our country's sovereignty for just a pot of pottage in the name of loan for just a negligible few to loot

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by kingphilip(m): 7:09am On Jul 30
ursullalinda:
Yet we want to go borrowing knowing fully well that we must default.......How did we settle for this greedy and selfish people as leaders.........they are only after their loot and not what happens after.
e weak me too

They'll just loot the money and take their children out only to allow other Nigerians who are not opportuned to loot theirs bear the brunt of the sales of the country's sovereignty.

I weep for Nigeria

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by JidennaJason: 7:09am On Jul 30
The self-acclaimed "Giants of Africa" now an object of Mockery to the world. All thanks to our "Borrow Borrow" President who is barren economically, intellectually and socially.

Not only did General buhari made us the World capital of extreme poverty, he garnished it with the most dangerous country to live in....

Under the peaceful GEJ administration, we could boast of a fast growing economy, and less security issues, Surprisingly, GEJ placed us number one in the fastest growing economy ranking in Africa, but General buhari and his gang of Efulefu's had other plans.


Which way Nigeria?

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Kingspin(m): 7:10am On Jul 30
These people steal without sense.

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Charleys: 7:10am On Jul 30
The trick is to continue borrowing so that you can default on your debts and China can write off those debts.


Or keep borrowing while negotiating for Debt forgiveness grin

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by chibuike65: 7:15am On Jul 30
Una don sell Nigeria finish you and your master it's a shame, Nigeria don end since

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Essential(m): 7:20am On Jul 30
very good china will manage and organise it properly like they are doing in Kenya and some other African countries.


I which we can even hand over the federal government to them. lol ha ha ha..............

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by FirstSon01: 7:23am On Jul 30
I always knew right from time that China had something to gain by borrowing African countries millions of foreign exchange that they know the countries can't pay back. Check what the Chinese are doing to Uighur Muslims. They're modern day slave masters and will do 7× of what the Europeans did to Africans.

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by sinkhole(m): 7:26am On Jul 30
I can't even understand the thinking of the people up there at all!
We are still battling one huge loan (abi na contract or agreement ) we defaulted in London court and it is almost certain that the next government will also default on this China agreement.
Why do these people want to sell Nigeria?

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Sunmolar(m): 7:29am On Jul 30
I'm beginning to think Nigerian politicians are lazy & slow in reasoning.

I said it many times,why not develop the ajaokuta steel complex to full capacity & functionality. Yet they went importing stones in the name of iron which is readily & abundantly available in Nigeria.

Always putting the cat before the horse in the context of infrastructural development.


Abeg which country developed China railways for them on loan?

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Redhot111(m): 7:32am On Jul 30
I think we as individuals will be better for it if that happens. At least we will get good service delivery from those assets during those period. But as a country, I sorry for Nigeria. But then, who Nigeria help?

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by pafra(m): 7:33am On Jul 30
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation

32 Likes 6 Shares

Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Openbusiness4: 7:38am On Jul 30
And the rail is Lagos to Ibadan. So if they default, the Chinese will take over the 3 major political, cultural and economic power block states of the Southwest shocked

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Jakumo(m): 7:39am On Jul 30
Given that most projects being handled in Nigeria by Chinese Corona virus people, were awarded through criminal back-door deals that were illegally organized by looters in government offices, the nation of Nigeria is NOT bound by any recognized legal statutes, to refund a phucking dime to those greedy Corona virus invaders currently swarming over to Africa from China.

In short, there is no reason why Nigeria cannot emulate Ghana, by politely requesting most if not all of the Chinese Corona virus people, to kindly phuck off and return to their bat-eating homeland, where they will be free to poison rivers mining for gold, and to deforest THEIR polluted land, to plunder whatever timber is left for them over there in China - the land of a thousand deadly viruses.

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Openbusiness4: 7:40am On Jul 30
pafra:
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation
Oga this your excuse is a broken record, he no dey play again. Nigerians are more enlightened now to fall for cóck and bull stories

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by chariisGRACE(m): 7:40am On Jul 30
So what is wrong with that? You are asking for $5.3bn.

Just give that sovereignty.

Las las na the masses go suffer am.
It is finished.
Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Peroh426: 7:45am On Jul 30
This reminds me when abaribe was challenging the said loan....in his voice
"Mr President,we cant pass a loan when the details of the loan is not send together with the loan itself,we should Deb on each paragraph simultaneously so that tomorrow our unborn children will not question us on this"

But some people here was busy insulting the distinguished senator
Now what is happening?

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Esseite: 7:56am On Jul 30
This is what "loosing sovereignty" looks like...

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Soulsymbol99: 7:57am On Jul 30
True true dis people don use us as collateral

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Blazebond(m): 8:26am On Jul 30
We are in a HUGE mess in this country.

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by layzie: 8:36am On Jul 30
pafra:
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation

This mono economy same govt has refused to diversify since 2015 abi. Diversification was one of the core mandates of this govt in 2015.

24 Likes

Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by pafra(m): 8:38am On Jul 30
Openbusiness4:

Oag this your excuse is a broken record, he no dey play again. Nigerians are more enlightened now to fall for cóck and bull stories

Enlighten as in?

You have said nothing. I know you are intelligent kindly give me your opinion and not opinion of enlighten Nigeria. I am waiting

8 Likes 1 Share

Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by zombieTRACKER: 8:41am On Jul 30
pafra:
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation

Buhari and APc mantra before 2015 was diversification... Buhari entered and was using scarce resources to look for oil in lake chad basin.. All the hype about Agricultural reforms was a rouse.. Nothing on ground

Here you are defenfing evil
Buhari has failed
The countrys situation today is a tastament to that

66 Likes 3 Shares

Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by stevnwigw1: 8:42am On Jul 30
So how does China make this money that they are lending to countries, why can't we study them and start make our own wealth ,instead of borrowing.

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by FlordFlorez(m): 8:53am On Jul 30
We have been sold to Chinese since time immemorial. We are just realizing it now.

1 Like

Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by pafra(m): 9:00am On Jul 30
zombieTRACKER:


Buhari and APc mantra before 2015 was diversification... Buhari entered and was using scarce resources to look for oil in lake chad basin.. All the hype about Agricultural reforms was a rouse.. Nothing on ground

Here you are defenfing evil
Buhari has failed
The countrys situation today is a tastament to that

Why do you think I am defending Buhari. Can't we have mean full discussion without politics?
Check my other post for confirmation.

I agree with you on diversification but that will be on the long run. It can not produce the kind of money needed for the railways in the short run.

But it can in the long-term when proper infrastructure have been put in place

I am in no way supporting the government. But will agree on borrowing for critical infrastructure if the money borrowed are meant for the purpose and not looted

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by abduljabbar4(m): 9:08am On Jul 30
People are only making noise because it is China. Banks do this all the time. Fail to repay, lose your assets.

It is left for us to use the money wisely. As for me it's China over any western institution that is only specialized in telling us how to run our country and killing our local industries

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by Johnjanrt: 9:17am On Jul 30
"There's no fire without smoke" goes a saying.
There are always repercussions for our actions. Can't expect someone to you his or her hard earned money for nothing.

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Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by 2mannoAmanno(m): 9:34am On Jul 30
i am currently in evasi-ment.. smh. Them Don Use Us As Collat

1 Like

Re: Amaechi On Loan: China Can Seize Assets If Nigeria Defaults by orisa37: 9:49am On Jul 30
AMAECHI'S LAW. MAY BE CHINA CAN BOMBERD NIGERIA WITH CORONAVIRUS FOR NON PAYMENT.

1 Like

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