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China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by phylshan: 7:51am On Aug 01
The Minister of Transportation, Rotimi Amaechi, has challenged the National Assembly committee probing the loans and sovereign immunity clause in a $500 million loan China granted to Nigeria to publish the terms of the agreement.

Speaking during a live television show monitored by The Nation on Friday night, Amaechi declared that the National Assembly was privy to the loan, because it gave approval for it.

The minister also said the clause in the loan agreement, which has attracted so much attention in the last few days, is the standard in every agreement signed by Nigeria and any country willing to lend it money, adding that it was not peculiar to the agreement signed with the Chinese government.

The minister also noted that the federal government has commenced repayment of the loan taken from China.

According to him, $96 million has been paid out of the $500 million that was borrowed for the Abuja-Kaduna rail corridor.

He also said the only way the country can experience infrastructural development at the moment was for it to borrow.

The minister also hinted that he was getting signal from the Chinese government that Nigeria may not get the loan following the probe by the National Assembly.

Commenting on Nigeria loans and sovereign immunity clause, the minister said: “They are there in every loan signed and the borrowers want to know that the country they are giving money will be able to pay back.

“It is a commercial agreement between Nigeria and China. Let us not look at the legal issues right now. The first issue is that the Ministry of Transportation does not take loans. Anything about loans has to be done by the Ministry of Finance, so I could not have signed a loan because it is not my jurisdiction.

“What I signed is what they call commercial contract between the federal government and CCECC as the contractor, and the contract between Nigeria and China is usually signed by the ministry of finance on behalf of Nigeria.

“Whether it is the Ministry of Finance that signed it or the Ministry of Transportation, the issue is that there is nothing of such that will not warrant an agreement, and that agreement must contain some terms, and one of those terms in this agreement is not that we are signing away the sovereignty of the country. What we do is to give a sovereign guarantee.

“What it means is that if tomorrow I am not able to pay back the loan and you come to collect the item we agreed upon, I cannot waive my immunity and say that you cannot touch the assets, because we are a sovereign country. The terms say if we are not able to pay, we should not stop them from taking back those items that will make them recover their fund.

“The clause is a standard one whether it is America or Britain we sign an agreement with, because the countries want to know if they can recover their money.

“What the clause does is to say to you that I expect you to pay the money according to the terms agreed, and if you don’t pay, don’t waive your immunity on me when I come to collect back the guarantee that you put forward. That is all.

“I told them at the National Assembly that the probe may stop them from giving us the loan and we have the capacity to pay back. The good thing about the loan also is that they are paid directly to the contractor and not to us.”

On whether the National Assembly was carried along while applying for the loan, he said: “There is no loan in Nigeria that will not be approved by the National Assembly. The Chinese government will not even give you a loan without approval from the National Assembly.”

On whether the Chinese government will take over some infrastructure in Nigeria the way they did in Zambia, the minister said: “The only thing they will take over if payment is not made are those things constructed with the money.

“If the outcry is too much, then we will stop collecting loans, and when we stop, there will be no development. Before we came, there was money, but now we don’t have money. It is just that we are on oath not to reveal the government’s confidential matter. If not, I can say as the former chairman of the governors’ forum, what was in the purse.

“I thought that both the National Assembly and the country should at least acknowledge the fact that we are making progress in terms of infrastructural development.”

On the concerns generated by the terms of the agreement, he said: “I challenge the committee to publish the terms. The immunity clause and the sovereign guarantee in trade parlance simply mean that they are not giving us the loan free of charge.

“We took $1.6 billion to fix Lagos-Ibadan. We are asking for $5.3 billion to fix Ibadan-Kano, $3.2billion to fix Port Harcourt to Maiduguri, $11.1 billion for Lagos to Calabar. If those things were done when we had money, will we be here today?

“The National Assembly has the terms, and that is why I am wondering why they are investigating it, because it is unconstitutional to take a loan not approved by the National Assembly.

“The Chinese are asking us to show them evidence that we will pay back, and we have said we will waive our immunity clause so that if we don’t pay back, they will take back their assets.”

On the repayment plans, he said: “The Ministry of Finance is in the best position to answer that because mine is just to implement. The repayment is done by the Ministry of Finance and they are meeting the requirement.”

On the amount of loan the ministry was expecting or the ones taken so far, he said: “So far, the Ministry of Transportation got a loan of $500 million for Abuja-Kaduna. For Lagos to Ibadan, I think it is $1.3 billion that we took. The rest is counterpart funding from us. I think that is what we have collected.

“We are expecting others but the probe may stop that. And if it stops it, we won’t be able to construct other projects as proposed. What should be overriding now is national interest.

“And we need to construct Ibadan to Kano so that we can be able to evacuate cargoes from the ports. But what they are doing may stop that, and I am currently getting that signal from them.

“So if we go now and the Chinese say that they won’t give us money because the arm of government that is supposed to approve this loan and which has already approved the loan is beginning to question the loan, we are not sure that we can recover the loan. Then we are in trouble."

https://www.google.com/amp/s/thenationonlineng.net/china-loan-amaechi-challenges-nass-to-publish-terms-of-agreement/amp/

10 Likes 2 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by BhoomiMivics: 8:00am On Aug 01
All the covid-19 loot isn’t enough yet? Abacha refund? Or the IMF loan?

Make dem just sell this country to Cotonou ��‍♂️

64 Likes 5 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Abfinest007(m): 8:17am On Aug 01
amechi is a confuse man here is d reason

According to him, $96 million has been paid out of the
$500 million that was borrowed for the Abuja-Kaduna rail
corridor.

“I told them at the National Assembly that the probe may
stop them from giving us the loan
so here is my question . how will u be denied of a loan that has already been given to u

35 Likes 3 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by dezik: 8:46am On Aug 01
Hon. Min off your mic, no need to explain , let these children of hatred scream all they can, if someone can't read to understanding, then you are not at fault.
after they will be forming highly educated.

36 Likes 4 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by dezik: 8:49am On Aug 01
@Lalasticlala FRONT PAGE PLEASE
Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by neonly: 9:21am On Aug 01
Amechi

16 Likes 1 Share

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by phylshan: 10:32am On Aug 01
dezik:
@Lalasticlala
FRONT PAGE PLEASE
Yesoo. Where is Lala?
Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by asobo: 1:02pm On Aug 01
Why crying foul over what is not. If we default, China should take Lagos state. shikenan

58 Likes 2 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Simplyleo: 1:03pm On Aug 01
Same NASS which ipob lunatics have been calling "rubber stamp" will, in this case, become the best NASS after lamidi cownu.

Even if NASS can't produce this Terms of Agreement (which of course they can't), ipob animals must create one for them.

Las las, ipobs are stark illiterates. undecided

16 Likes 2 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by PureGoldh(m): 1:03pm On Aug 01
E don be for dx country

This is not what Nigerians bargained for since her independence

1 Like 1 Share

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Lexusgs430: 1:03pm On Aug 01
I would like to read it too...... But Rotimi knows it was all documented in mandarin............ cheesy

7 Likes

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by YorubaKinging: 1:04pm On Aug 01
No inch of land in YorubaLand will be ceded to china or anybody

The tribe of Judah

5 Likes

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by hisexcellency34: 1:04pm On Aug 01
Ameachi is the richest politician in Buhari's government..guess who is the poorest.
His name starts with L....
Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Starboysolo1(m): 1:04pm On Aug 01
Clueless administration.
It will not be well with anyone that played a part to emergence of this administration.

4 Likes 1 Share

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Trailblazer1(m): 1:04pm On Aug 01
We unanimously accept the terms of the loan and hereby cede Northern and Southwestern Nigeria to China where the proceed of the loan was used for. grin grin grin




The wise men from the east foretold this cheesy

80 Likes 8 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by deepwater(f): 1:04pm On Aug 01
Lol

If these are all he has to say
I guess to rule Nigeria no go hard
This guys / leaders are not extra ordinary people
How did they get there?

2 Likes

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Gayakuhu(m): 1:05pm On Aug 01
These China people sha

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by SaintBeehot(m): 1:05pm On Aug 01
Appointment into public office should be on merit
Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by BlackfireX: 1:05pm On Aug 01
What was I thinking when I supported this this this imbeciles in 2015??

Was I bewitched or something??

Is this a dream??


Am I not a fooool to have voted for this chaos in 2015, and reenforced them in 2019??

33 Likes 3 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by abduljabbar4(m): 1:05pm On Aug 01
The clowns at the NASS along with the western buttlickers have subscribed to the silly propaganda. China is not here for charity. It's pure business and if the leaders fail to repay the loan, they have the right to take the assets as agreed in the deal

7 Likes 1 Share

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by sammirano: 1:06pm On Aug 01
cool
Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Mo3891: 1:06pm On Aug 01
cool



Ameachi should stop replying this stupid Senators

Even you are dull Atleast go to any slot office or buy now office and inquire on loans to buy phones

You want China to build you Rail with its money , without a single collateral on just simple conditions that if you fail to pay they take over the rail yet you are wailing


.

14 Likes 2 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Esseite: 1:07pm On Aug 01
This is what loosing sovereignty looks like....

11 Likes 1 Share

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by ChrisKels: 1:07pm On Aug 01
H
Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Tobimercy(f): 1:08pm On Aug 01
So, the national assembly members are just waking up now to realise that the very loan deal deliberated and approved on the floor of the same assembly contain clauses that undermine the sovereignty of Nigeria. And I ask: are these people still being paid salaries for doing nothing?
What a shame! The Honourable Minister of Transportation honouring their invitation was simply a show of honour and respect to the red chamber. He ought not to be there in the first place after doing the same during budget defence

1 Like

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by pat077: 1:08pm On Aug 01
The Chinese are not father Xmas, and I believe they will be happy if we default on the payment agreement, it's an opportunity for them to take over our assets - - more like recolonizing us without picking any arms.

6 Likes

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by ikcid: 1:08pm On Aug 01
Is this supposed to be in the news? Makes it seem as if the country's Executive to Legislature is but a joke.

1 Like 2 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Cutealexio(m): 1:08pm On Aug 01
I wonder why some people are trying to blow this out of proportion. Nigerians already know that if Chinese give you a loan and you're unable to pay back they'll take over the asset until they recover their investment. If IMF or world Bank gives you a loan they'll tell you to implement a policy that will suite the Western world but will kill your economy. I don't see anything bad in the conditions of the loan given by China the only problem is that the present Nigerian government shouldn't abuse this privilege and give incoming government debt burden. No doubt they're getting kickbacks from the Chinese companies. A country like Nigeria shouldn't be even applying for loan to facilitate a $500m project if Ethiopia can construct multi billion dollars dam project without any external loan then why can't we do the same? Buhari led government should make sure they only obtain loans that they'll pay off at the end of their tenure (which I doubt)

19 Likes 1 Share

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by handie(m): 1:09pm On Aug 01
The explanation Amaechi gave is very logical and thankfully, we are actually seeing the fruits of all the loans.... Unlike previous governments that collected loans and had nothing to show for it. Take it or leave it, Amaechi has been the best transport minister in Nigeria..... Whether your hatred let u see am or not no concern me

30 Likes 3 Shares

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Simplyleo: 1:09pm On Aug 01
Abfinest007:
amechi is a confuse man
NASS should simply produce the documents, let's see who is confused. undecided

5 Likes

Re: China Loan: Ameachi Challenges NASS To Publish Terms Of Agreement by Royalfurnitures: 1:09pm On Aug 01
This what the presidency should have done long ago even before collecting to avoid the kind of speculations and fears in the nation now.
Let Amaechi publish the terms of agreement of the loans to clear all doubt s


Your home is incomplete without good quality furniture,that's why we are here for you

1 Like

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