Connect with us

News

$500m Loan: “What’s Wrong With Nigeria Ceding Sovereignty To China?” – Amaechi Asks [Video]

Published

on

The Minister for Transport, Rotimi Amaechi has debunk reports that Nigeria’s sovereignty has been ceded to china over $500 million loan.

$500m Loan: "What's Wrong With Nigeria Ceding Sovereignty To China?" - Amaechi Asks [Video] 3

Nigerians had last week expressed concern over the loans taken by the federal government from China, saying the terms of agreement in one of the loan documents ceded Nigeria’s sovereignty to China should the loan be defaulted.

In an interview on Channels Television on Tuesday evening, Amaechi remained adamant that there was ‘nothing’ wrong in Nigeria ceding its sovereignty to China, adding that terms of the loan agreements were grossly misunderstood. In his words;

“What is wrong with Nigeria ceding its sovereignty to China? I repeat it here, the sovereignty you are ceding is not the sovereignty that makes you a nation, that remains completely with you.

READ:  Prince Harry And Meghan Markle Donates Money To Help Flooding Victims In Nigeria

“Just like our normal banks will ask for your collateral before they give you loan, this country is saying we are not Nigerians, we are not your father, so if we are going to give you $500 million, we want you to waive the immunity that will stop us from taking you to arbitration if you default because you see.

“China will not walk into Nigeria and take your property, China will first go to arbitration and arbitration will see how to get Nigeria to pay the money.

“If we are not able to resolve that then they will reach a decision to attach a particular property for which the Chinese will recover their money from”.

READ:  My Father Impregnated Me After I Told Him My Elder Brother Was Raping Me - Young Girl

Watch the video below:

KanyiDaily recalled last weekend, Amaechi had insisted that the Nigerian Government will pay back loans collected from China for the construction of rail projects within the stipulated period of 20 years.

He explained that the Sovereign Guarantee clause in the loan agreement with China means the Asian country can take over the asset constructed with the loan, should Nigeria default or fail to pay back.

READ:  INEC Server Shows Buhari Lost Presidential Election To Atiku With 1.6 Million Votes

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

LATEST NEWS

We're Coming For 'Yahoo Boys' Going Spiritual, Doing Money Rituals - EFCC Warns We're Coming For 'Yahoo Boys' Going Spiritual, Doing Money Rituals - EFCC Warns
Metro8 hours ago

EFCC: Lawyer Converts To Own Use N10m Belonging To Client

The Uyo Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Tuesday, arraigned one Barrister Utibe Hanson Inem...

CBN Governor, Godwin Emefiele Says Banks Will Still Accept Old Naira Notes After Deadline CBN Governor, Godwin Emefiele Says Banks Will Still Accept Old Naira Notes After Deadline
News8 hours ago

CBN Governor, Godwin Emefiele Says Banks Will Still Accept Old Naira Notes After Deadline

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has revealed that banks will still accept the old...

Attack On Buhari: The Children They Taught How To Hate Have Grown, Graduated With Distinction - Shehu Sani 4 Attack On Buhari: The Children They Taught How To Hate Have Grown, Graduated With Distinction - Shehu Sani 5
News8 hours ago

Attack On Buhari: The Children They Taught How To Hate Have Grown, Graduated With Distinction – Shehu Sani

Former Kaduna Senator, Shehu Sani has reacted to the attack on President Muhammadu Buhari by angry youths who hauled stones...

2023: Police Stops Tinubu's Rally In Niger Over ‘Likely Breach Of Security’ 2023: Police Stops Tinubu's Rally In Niger Over ‘Likely Breach Of Security’
Politics9 hours ago

2023: Police Stops Tinubu’s Rally In Niger Over ‘Likely Breach Of Security’

Niger State Police Command has stopped a rally organized for the presidential candidate of the All Progressives Congress (APC), Bola...

Peter Obi's Campaign Director Defects To PDP Over ‘Lack Of Structure' In Bauchi Peter Obi's Campaign Director Defects To PDP Over ‘Lack Of Structure' In Bauchi
Politics10 hours ago

Peter Obi’s Campaign Director Defects To PDP Over ‘Lack Of Structure’ In Bauchi

Alhassan Bawu, the Bauchi State campaign director of the Labour Party (LP) presidential candidate, Peter Obi, has defected to the...

"I'll never forgive y'all" - Ayra Star Laments As She Recounts Embarassing Moment With Nigerian Passport Officers "I'll never forgive y'all" - Ayra Star Laments As She Recounts Embarassing Moment With Nigerian Passport Officers
Beauty10 hours ago

“I’ll never forgive y’all” – Ayra Starr Laments As She Recounts Embarassing Moment With Nigerian Passport Officers

Fast rising singer and songwriter, Oyinkansola sarah, popularly known as Ayra Starr has recounted her experiences in the hands of...

Lagos State Police Lagos State Police
Metro11 hours ago

Lagos State Police Rescue Thief From Angry Mob After He Stole From National Stadium

The Lagos State Police Command says officers of Surulere division rescued a man from an angry mob after he stole...

How I Went From Being A Helpless Young Boy To Becoming A Superstar - Actor Lateef Adedimeji How I Went From Being A Helpless Young Boy To Becoming A Superstar - Actor Lateef Adedimeji
Entertainment11 hours ago

How I Went From Being A Helpless Young Boy To Becoming A Superstar – Actor Lateef Adedimeji

Nollywood actor, Lateef Adedimeji has taken to social media to share his grass to grace story ahead of his birthday...

IVD Charged With Involuntary Manslaughter Over His Wife Bimbo's Death, Allegedly Remanded In Prison IVD Charged With Involuntary Manslaughter Over His Wife Bimbo's Death, Allegedly Remanded In Prison
Celebrities12 hours ago

IVD Charged With Involuntary Manslaughter Over Bimbo’s Death, Allegedly Remanded In Prison

Celebrity car dealer, Ikechukwu Ogbonna, popularly known as IVD Autos, has been arraigned in court over the death of his wife,...

BBTitans: Big Brother Holds Double Diary Sessions For The First Time BBTitans: Big Brother Holds Double Diary Sessions For The First Time
Entertainment12 hours ago

BBTitans: Big Brother Holds Double Diary Sessions For The First Time

Big Brother Diary Sessions are back, better, and with a twist this time. Fans of the Big Brother reality show...

close