China says no plan to take over Nigeria’s sovereignty over $500m loans

China says no plan to take over Nigeria’s sovereignty over $500m loans

- China said it seeks no "selfish political gains" as pressure mounts on FG over $500 million loans

- The government of the Asian nation also stated that it has no plan to overtake Nigeria's sovereignty

- In a statement, China said it is only committed to the development of Nigeria and other African countries

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Amid outrage generated by the $500 million loans collected by the federal government from China, the government of the Asian country said there is no plan to take over Nigeria’s sovereign right should there be defaults in the payment.

It would be recalled that transport minister Rotimi Amaechi, while speaking with journalists, had explained why there is nothing wrong with the federal government ceding Nigeria's sovereignty to China in the signing of a loan deal.

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Amaechi's position came after the House of Representatives discovered that the agreements between the country and China ceded Nigeria’s sovereign right on the assets financed by the loans if there was payment default.

Speaking during a live television programme on AIT on Saturday, August 1, the minister of transportation later disclosed that Nigeria is already repaying China loans.

According to him, out of the $500m loan the federal government took to build the Abuja-Kaduna rail line $96m has been paid, adding that the loan will be paid for twenty years.

China says no plan to take over Nigeria’s sovereignty over 500m loans

China said it seeks no "selfish political gains" as pressure mounts on FG over $500m loans. Credit: Daily Trust.
Source: UGC

Amid fear that Nigeria's sovereignty as an independent state may be at risk, the Chinese government in a statement said there is no plan to take-over the country.

China said it is only committed to maintaining the mutual relationship with African countries, saying "we follow a “five-no” approach in our relations with Africa."

"No interference in African countries’ pursuit of development paths that fit their national conditions; no interference in African countries’ internal affairs; no imposition of our will on African countries; no attachment of political strings to assistance to Africa; and no seeking of selfish political gains in investment and financing cooperation with Africa," part of the statement read.

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Meanwhile, Legit.ng reported that Senator Shehu Sani said there is more to the defence being put up by transportation minister Amaechi as the conversation continues to be broadly lengthened down to the payment of $500 million Chinese loans.

Sani, a former senator representing Kaduna Central, raised an eyebrow against the logics behind paying the loans for a period of twenty years.

The former lawmaker said by 2040 when Nigeria may have concluded the payment, many of the infrastructures built with the loans may have depreciated.

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Source: Legit.ng

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