'We’re about applying for another $3b Chinese loan' – Amaechi

Chibuike Amechi, Minister of Transport
Tochi Juliet

The Minister of Transportation in an interview with Channel TV disclosed that Nigeria is applying for another $3billion loan.

In his speech, he asked the National Assembly not to probe the Chinese loans in order not to scare the lender.

"The reason why I said that is because we have already applied for $5.3billion to execute the rail from Ibadan to Kano.

He further disclosed that despite the $500m and the $5.3billion loan, that the country is about to apply for another $3billion loan from China to execute the rail from Port Harcourt to Maiduguri.

'We are about applying for about $3billion to execute the rail from Port Harcourt to Maiduguri.

“Don’t forget the National Assembly approved that loan. It is unconstitutional and impeachable if you take a loan without the approval of the National Assembly,” he said.

He wondered why the same lawmakers who approved the loan were now questioning the same loan and the terms of the loan having looked at it before.

“If I am the lender, I will be worried. If they get worried, they will say ‘No, we will not approve the remaining loans you have applied for,” he said.

A lot of controversies, fear and curiosity are in the minds of Nigerians as regards the clause in the agreement signed by the Federal Ministry of Finance on behalf of Nigeria and Chinese Bank on September 5, 2018.

Part of the agreement said that: “The borrower hereby irrevocably provides waives any immunity on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration pursuit to Article 85 thereof with the enforcement of any arbitral award pursuit thereto except for the military asset and diplomatic asset.”

Amechi had said there was nothing wrong with Nigeria ceding her sovereignty to China. This statement has brought him under attack by many Nigerians.

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