You are here: HomeNews2020 08 01Article 367012

General News of Saturday, 1 August 2020

Source: MyNigeria

Amaechi clears on sovereignty clause in China loan

Nigeria's Minister of Transportation, Rotimi Amaechi has said that the country has not given away its sovereignty to China for a loan.

Speaking on AIT, Amaechi explained what the loan entails and why it was gotten from China.

According to him, the loan from China comes with low interest rates and a considerable payback period.

“No country will sign away its sovereignty. The clause says ‘I expect you to pay according to the terms that we agreed on, but if you don’t pay, when I come to collect the assets you used as guarantee, don’t wave your immunity at me and say you can’t touch our assets because we are a sovereign country.

“What you do is to give a sovereign guarantee, which is the clause generating reactions. And I’m ashamed by those interpreting it the other way,” Amaechi said.

Amaechi made the clarification after a House of Representatives Committee expressed dissatisfaction at a loan gotten from China by the Federal Government.

Join our Newsletter