Chinese Loans: Nigeria’s Sovereignty Not In Danger -APC Chieftain
A chieftain of the All Progressives Congress (APC), Eze Chukwuemeka Eze, has declared that Nigeria is not in danger of losing its sovereignty due to loan agreement between the Federal Government and the Export-Import Bank of the People’s Republic of China.
Eze, in a statement made available to LEADERSHIP in Port Harcourt , ruled out the ceding of Nigeria’s sovereignty to China, saying that terms of the loans agreed with internationally-recognised standards.
He reminded Nigerians that the President Muhammadu Buhari-led administration only activated the loan agreement that was initiated by the administration of former President Goodluck Jonathan.
The APC chieftain said: “The loan agreement was signed on December 20, 2010, under the presidency of Dr. Goodluck Jonathan and the current administration only activated the agreement.”
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He described those linking the Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, to plots to sell Nigeria’s sovereignty, as overly mischievous with political agenda.
Eze stated that the Chairman of the House of Representatives Committee on Treaties, Hon. Osai Osai, misconceived and garbled the purport of the clause and his phony slant sent shivers down every Nigerians and sparked needless reactions from different quarters.
He explained that the said clause generating the controversy is Article 8 (1) of the agreement, which provides that “The borrower hereby irrevocably waives any immunity on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration proceeding pursuant to Article 8 (5), thereof with the enforcement of any arbitral award pursuant thereto, except for the military assets and diplomatic assets”.
Eze, who is former national publicity secretary of the defunct new Peoples Democratic Party (nPDP), said Article 8 (1) does not in any way suggest the leasing of Nigeria or her sovereignty to China.
The APC chieftain stated that biggest economies of the world such as the United States, United Kingdom, Germany, France, Japan, China, Italy, Canada, Netherlands and others were heavily involved in sovereign debts and rely on foreign loans for the financing of critical national projects.