Nigeria:House Of Rep Against The Move Of Signing Obnoxious Loan Agreement 1
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Nigeria:House Of Rep Against The Move Of Signing Obnoxious Loan Agreement

The House of Representatives has begun moves to stop the country from signing what it called obnoxious loan agreements.

The House explained that such pacts tend to enslave the country or compel the country to forfeit its sovereignty, as provided in some loan agreements

The House stated that such pacts must be in line with democratic principles, as contained in the 1999 Constitution, as amended.

The lawmakers passed, a Bill to Repeal the Treaties Making Procedure Act of 2004 for second reading, which it said was in conflict with the constitution.

Nicholas Ossai who sponsored the bill and lead the debate on the general principles of the Bill, said the principal Act was enacted January 21, 1993 and called Decree No. 16 during the military era, long before the 1999 Constitution became effective.

He said: “This presupposes the fact that the Principal Act predates all the intendments of the 1999 Nigerian Constitution that ushered in the Fourth Republic democratic government.”

This, therefore, means that the Principal Act is obsolete and needs urgent review and a total overhaul for it to be in conformity with the Nigerian Constitution with regards to Treaties Making Procedure and Implementation.”

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