The Peoples Democratic Party (PDP) and former Vice-President Atiku Abubakar have warned that the loans agreements between China and Nigeria could jeopardise the nation’s sovereignty.
They faulted some terms of the loans, saying they might lead to mortgaging Nigeria’s future to China, in the event of a default in repayment.
In a statement on Sunday in Abuja by its spokesman Kola Ologbondiyan, the PDP said: “Nigerians can recall that our party had, on May 28, 2020, alerted that the Muhammadu Buhari administration and the APC had placed our nation on the international auction market with accumulation of foreign loans under nebulous terms…”
The party regretted the attitude of government officials, including Transportation Minister Rotimi Amaechi, who he accused of referring to ceding of control and ownership of assets in the event of a default.
“As a pan-Nigerian party, the PDP declares that our sovereignty as a nation remains non-negotiable.
“Nigerians reject such sovereignty-pawning clause and are not ready to mortgage any parts of our country under any guise whatsoever.
“In that regard, the PDP charges the APC administration to retrace its step and halt every action regarding the administration of the loans until all toxic clauses are deleted from the agreement.”
Former Vice-President Atiku Abubakar urged President Buhari to apologise to Nigerians over the controversial loans.
In a statement by his media office yesterday in Abuja, Atiku said: “Now, we all are aware that Nigeria’s sovereignty may have been traded for foreign loans.
“And God forbid our inability to service those loans, the lender country would take ownership of choice infrastructure on the Nigerian soil. No negotiation could be weaker than that.”
It added: “Nigeria had a total foreign debt stock of $7.02 billion on May 29, 2015. Today, our foreign debt is $23 billion and rapidly rising.
“Debt, by itself, is not a bad thing. But debt budgeted for such unproductive ventures, like the proposed $500 million upgrade of the Nigerian Television Authority (NTA) and other sundry bogus contracts, are debts that lead to death. To trade Nigeria’s sovereignty for this type of profligacy is the height of irresponsibility.”
