Chinese Loan: PDP Berates APC For Defending The ‘Mortgaging of Nigeria’s Sovereignty’


The Peoples Democratic Party (PDP) on Monday expressed displeasure against said actions by the All Progressives Congress (APC), described as efforts to “trivialize the mortgaging of the nation by raising frivolous allegations against the PDP validates APC’s complicity in the pawning of our country to foreign interests”.

“The party holds that APC’s jaundiced reaction to the attempt to send future generation of Nigerians to China on slavery shows that the APC is anti-people and has no remorse for the wrongdoing of its leaders and government”, PDP said in a statement signed by National Publicity Secretary, Kola Ologbondiyan.

PDP said:

“Our party takes exception to the purported challenge by the APC and we counsel the APC to first give account of the N800 billion it claimed to have recovered, as Nigerians have regrettably come to discover that the APC thrives on fraud and corruption.

“Perhaps the APC leaders, in their deceptive posturing, failed to note that President Muhammadu Buhari had already told the world that his officials swim in ocean of corruption.

“The PDP therefore awaits the further reaction of President Buhari to our demand that he stops providing official cover for these corrupt members of his party and government.

“Rather than engaging in baseless counter allegations, Nigerians expect the APC and its government to first respond to revelations that they have mortgaged the sovereignty of our nation for their selfish benefits.

“They must also respond to the demand by Nigerians to prosecute the officials already indicted by President Buhari.

Until they do so, the APC and its government should hide their faces in shame and await the judgment of Nigerians in 2023.”

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Chinese Loan: APC Has Been Mortgaging Nigeria’s Sovereignty- PDP

Recall that the Peoples Democratic Party (PDP) recently said the revelation of certain clauses in the agreements entered by the All Progressives Congress (APC) administration with their Chinese lenders in the $500 million loan, has vindicated the Party’s stand that the APC has been secretly mortgaging the sovereignty of our nation to benefit its leaders.

The PDP revealed that its investigation showed that the mortgaging of our nation’s sovereignty to foreign lenders, including the exposed $500 million loan from China, has been with the active connivance of the APC as a party, even when such is against our national interest.

The PDP strongly rejects the attempts by the Buhari administration to justify this reprehensible pawning of our sovereignty to a foreign interest.

Nigerians can recall that our party had on May 28, 2020 alerted that the Buhari administration and the APC had placed our nation on the international auction market with accumulation of foreign loans under nebulous terms.

The PDP declared that the APC agenda offends our corporate existence as a nation and grossly violates the fundamentals of our constitution as a self-governing state, which grant no space for any form of takeover of any of our national interests by foreigners, under any condition whatsoever.

The PDP further said it is irked by the arrogance being displayed by some officials of the Buhari administration who, rather than being remorseful, are daring Nigerians and the National Assembly over the matter.

“The attitude of government officials including the Minister of Transportation, Rotimi Amaechi, who instead of taking steps to reassure Nigerians, is referring to ceding of control and ownership of assets in the event of default, further raises questions regarding the reliability of the current administration.

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“The PDP holds that the demand for such toxic terms by the Chinese lenders underscores the loss of confidence by the international community in the Buhari administration, whose corruption has made it so untrustworthy that lenders now demand that we cede our sovereignty as condition”, PDP said.

The PDP further called on the National Assembly to review all foreign loan agreements entered into by the APC administration and take further urgent steps to retrieve our nation from the international auction.

Meanwhile, Minister of Transportation, Rt. Hon Chibuike Rotimi Amaechi, has explained that the clause ‘waiving sovereignty’ in the loan agreement between Nigeria and China was only a contract term, a sovereign guarantee that assures payback according to the terms and conditions of any loan.

Amaechi made the clarification while answering questions about the loan controversy on a TV programme weekend

He also explained that the Ministry of Transportation is not responsible for taking loans, but to implement the project or contract for which the loans were taken.

He said: “It is a commercial agreement, it’s a trade agreement between Nigeria and China. The first issue is that Ministry of Transport does not take loan. Anything about loan, talk to Ministry of Finance. What I signed is what they call commercial contract, that is contract between the federal government and CCECC as a contractor. “The contract between Nigeria and China is usually signed by the ministry of finance on behalf of Nigeria, but that will be escaping the issue. Whether it is the Ministry of finance that signed it or the Ministry of Transport, the issues are the issues.

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”There is no contract without an agreement and that agreement must contain some terms and one of the terms that this one contains, is not that you’re signing away the sovereignty of the country. No country will sign away its sovereignty. What you do is, you give a sovereign guarantee; and I’m ashamed of those who interpret it the wrong way.

“Now, when you say ‘I give you a sovereign guarantee and I waive that immunity clause, the immunity clause is that, if tomorrow I’m not able to pay you and you come to collect the items that we’ve agreed upon, that these are items I have put down as guarantee, I can use my immunity and say no, you cannot touch our assets, we are a sovereign country.

”Is China our father that will give us money for free? They (the Chinese) are saying, if you are not able to pay, don’t stop us from taking back those items that will help us recover our funds. And it’s a standard clause, whether it’s with America you signed it or with Britain or any country, because they want to know they can recover their money.

”What the clause does is to say to you, I expect you to pay according to those terms and conditions. If you don’t pay, don’t throw your immunity on me (the lender) when I come to collect back the guarantee you put forward, that’s all”.

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