• Latest
  • Trending
Chinese loans: Nigeria’s national assets mustn’t be at risk, NGO tells FG

Chinese loans: Nigeria’s national assets mustn’t be at risk, NGO tells FG

1 year ago
Police recover 20 corpses from Edo shrine, arrest three

Police recover 20 corpses from Edo shrine, arrest three

37 mins ago
U-20 WWC: Falconets face Netherlands in quarter final

U-20 WWC: Falconets face Netherlands in quarter final

58 mins ago
Again, FG bans Emirates airline from Nigeria

Emirates Airlines suspends flights to Nigeria over trapped revenue

2 hours ago
FG explains delay in meeting 5,000MW power target

FG explains delay in meeting 5,000MW power target

2 hours ago
Amosun rejected reconciliation moves with Abiodun, Ogun   APC replies senator

Amosun rejected reconciliation moves with Abiodun, Ogun APC replies senator

3 hours ago
Nigerians to pay more for electricity from April- NERC

JUST IN: Electricity workers suspend strike after minister’s intervention

14 hours ago
Tinubu meets Obasanjo over presidential bid

Why I visited Ogun- Tinubu

16 hours ago
Ogun PDP guber ticket: I’ll fight  to the end- Showunmi

Ogun PDP guber ticket: I’ll fight to the end- Showunmi

17 hours ago
Anxiety in Kwankwaso’s NNPP as Shekarau mulls exit

Kwankwaso: Why NNPP couldn’t fulfill all agreement with Shekarau

18 hours ago
Blasphemy: Appeal Court orders retrial of Kano singer sentenced to death

Blasphemy: Appeal Court orders retrial of Kano singer sentenced to death

19 hours ago
Four students celebrating WASSCE completion drown at Lagos beach

Four students celebrating WASSCE completion drown at Lagos beach

20 hours ago
Rape: Court grants Nollywood actor, Moses Armstrong bail

Actor Moses Armstrong breaks silence over rape allegation

22 hours ago
Tinubu meets Obasanjo over presidential bid

Tinubu meets Obasanjo over presidential bid

22 hours ago
Peter Okoye knocks ‘jobless graduates’ for supporting ‘corrupt leaders’

Peter Okoye knocks ‘jobless graduates’ for supporting ‘corrupt leaders’

24 hours ago
Aggrieved politicians sponsoring militants to make Imo ungovernable -Uzodinma

What is behind Imo attacks – Uzodinma

1 day ago
CORRECTED: Lagos govt must prove Sunday Dare, Tinubu’s son don’t control toll gates- Bode George

Bode George: Why Ayu should resign

1 day ago
ASUU accuses FG of blackmail, postpones strike  decision

Strike continues as ASUU, FG meeting deadlocked

1 day ago
How BEDC lost N750m in one month– MD

How BEDC lost N750m in one month– MD

2 days ago
  • Contact Us
  • Advertise
Thursday, August 18, 2022
Newspeakonline
  • Home
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
  • Home
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
Newspeak
UBA
Home News

Chinese loans: Nigeria’s national assets mustn’t be at risk, NGO tells FG

Akinwande Soji-Ojo by Akinwande Soji-Ojo
April 19, 2021
in News
Reading Time: 4 mins read
244 16
0
Chinese loans: Nigeria’s national assets mustn’t be at risk, NGO tells FG
Share on FacebookShare on TwitterShare on WhatsAppShare on Telegram


A Non-Governmental Organisation (NGO) devoted to better governance in Nigeria, Transforming, Uplifting and Reforming Nigeria (TURN) has urged the Federal Government, in the spirit of transparency and accountability, to
reassure Nigerians that none of the country’s national assets will be at risk in the case the country defaults in paying the loans obtained from China.

RelatedPosts

Emirates Airlines suspends flights to Nigeria over trapped revenue

Food prices drive Nigeria’s inflation rate to 19.64%, highest in 18 years

It isn’t surprising Buhari has turned out to be Nigeria’s punishment – Farounbi

In a statement signed by AG Ahmed; Nelson IIrobi and Olusola Womiloju; President; Vice President, Administration; and Vice President, Finance respectively, the Canada-based organisation said it is concerned about the indebtedness of the Nigeria to China and the reported enslaving terms of conditions which Nigeria agreed to in order to secure the loans.

“Nigeria’s external debt loan stands at $31.98 billion (Debt Management Office, DMO,
September 30, 2020), most of which are owed to well-known international creditor agencies
with which Nigeria has had a long history of dealing, like many other developing countries.

FeedWell

“In contrast, the bilateral loans which are owed to individual countries are of concern, and none is as worrisome as the unprecedented yet increasing sum of money owed to China which now stands at $3.3 billion or 80.1% of Nigeria’s bilateral debt loan of $4.1 billion. What does this mean to a country like Nigeria? What risk is Nigeria facing with her indebtedness to China?

“The IMF has warned Nigeria of her increasing indebtedness to China. TURN’s evaluation of
Chinese “investments” in Nigeria represents a sordid and unsustainable state of affairs that
can in the end only hurt the Nigerian people. All loans from China are claimed to be on
concessional terms according to the DMO,” the statement said.

The group, however, noted that the details of the loans are shrouded in secrecy, adding that the demands of Nigeria’s Fiscal Responsibility Act (FRA) for concessional loans have not been transparently met.

“The risks associated with the Chinese loans constitute clear, present and future danger despite the relatively small proportion of the loans to Nigeria’s overall debt,” it said.

The statement recalled that the House of Representatives Committee on Finance held hearings into the conditionalities surrounding “these loans only to be shut down by powers from above.”

“Numerous questions and concerns surrounding these loans have remained
unanswered. The patriotic efforts of the Socio-Economic Right and Accountability Project
(SERAP) including legal recourse have not elicited even a polite acknowledgement from the government. To that end, there is the need for all well-meaning Nigerians to hold the
government to account and demand answers.

“Nigeria is our own and we must collectively protect and nurture her to good health by getting involved in the process of redeeming and restoring to its greatness.

“For example, we ask that the government should provide answers and not hide the details of the $460 million loan used to fund the Abuja CCTV, a project that has spectacularly failed?
Why will the Minister of Finance not disclose contractors paid for this project? TURN insists
that it is unacceptable that any project funded by loans that Nigeria will have to pay back be
tainted with fraud and shrouded with a cloak of secrecy.

“To the detriment of Nigeria, these loans are used for projects that end up promoting economic activities in China as the Chinese companies employ mostly Chinese citizens, with money that will have to be paid back by Nigeria. The loans minimally translate to Nigeria’s benefit as the control of all related activities are not in the hands of Nigerians. These are examples of direct foreign “investments” that negatively contribute to the Gross Domestic product as the
valuable economic resources are promptly evacuated from Nigeria by foreigners. These
trends need to be reversed. TURN would like to see concrete actions and a government white
paper issued to address the concerns outlined above.

“Going forward, TURN would like to see the Federal Government conduct rigorous and transparent evaluation of all current and active loans. Government needs to involve experts from the private sector to evaluate the risks and benefits of a loan and take all necessary steps to ensure that it truly benefits the country.

“TURN would like to see periodic review, monitoring and reporting by the Ministry of Finance or Presidency regarding Nigeria-China Loan agreements to ensure continued relevance for intended purpose and meeting regulatory scrutiny.TURN believes that loans taken by the government should not mortgage the future of the citizens or that of the unborn generation.

“TURN is requesting that the terms and conditions of all loans be made publicly available and for the government to commit to the renegotiation of the terms and conditions that are inimical to Nigeria’s socio-economic progress. We ask that the Nigerian government take the necessary precautions to avoid debilitating and harrowing conditions that the citizens may face with a creditor that might endanger our sovereignty.

“Nigeria is our own and we must collectively protect and nurture her to good health by getting involved in the process of redeeming and restoring to its greatness,” the statement added.



What's Your Reaction?

  • LolLol
    0
    Lol
  • OMGOMG
    0
    OMG
  • AngryAngry
    0
    Angry
  • LoveLove
    0
    Love
  • CuteCute
    0
    Cute
  • WinWin
    0
    Win
  • CryCry
    0
    Cry

Related

Tags: ChinaLoansNigeria
Previous Post

Gunmen abduct Fulani man in Oyo community, demand N7m

Next Post

Gunmen raze zonal police zonal headquarters in Anambra

RecentPosts

Police recover 20 corpses from Edo shrine, arrest three

Police recover 20 corpses from Edo shrine, arrest three

August 18, 2022
FG explains delay in meeting 5,000MW power target

FG explains delay in meeting 5,000MW power target

August 18, 2022
Nigerians to pay more for electricity from April- NERC

JUST IN: Electricity workers suspend strike after minister’s intervention

August 17, 2022
Blasphemy: Appeal Court orders retrial of Kano singer sentenced to death

Blasphemy: Appeal Court orders retrial of Kano singer sentenced to death

August 17, 2022
Four students celebrating WASSCE completion drown at Lagos beach

Four students celebrating WASSCE completion drown at Lagos beach

August 17, 2022
Peter Okoye knocks ‘jobless graduates’ for supporting ‘corrupt leaders’

Peter Okoye knocks ‘jobless graduates’ for supporting ‘corrupt leaders’

August 17, 2022
Aggrieved politicians sponsoring militants to make Imo ungovernable -Uzodinma

What is behind Imo attacks – Uzodinma

August 17, 2022
ASUU accuses FG of blackmail, postpones strike  decision

Strike continues as ASUU, FG meeting deadlocked

August 17, 2022
Next Post
Gunmen raze zonal police zonal headquarters in Anambra

Gunmen raze zonal police zonal headquarters in Anambra

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newspeakonline

© 2020 Newspeak & Associates
Optimized by IChannelTech.

Navigate Site

  • Breaking News
  • Business
  • Entertainment
  • Interview
  • Newpeak Magazine
  • Newspeak Exclusives
  • Politics

Follow Us

No Result
View All Result
  • Home
  • Latest News
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
  • Opinion
  • Interview
  • Newspeak Exclusives

© 2020 Newspeak & Associates
Optimized by IChannelTech.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Newspeak We would like to show you notifications for the latest news and updates.
Dismiss
Allow Notifications