Minister of Transportation, Rt. Hon. Rotimi Amaechi, has stated that the country has not in any way signed away its sovereignty to China.
In an interview on AIT on Friday, Amaechi maintained that the clause was just to assure repayment of the loan and not for the country to lose its sovereignty.
Amaechi said the federal government got attracted to China’s loans due to the low interest rates, the payback period and moratorium.
He insisted that the loans were “given for 20 years at 2.8 per cent” and paid “directly to the contractors”.
The Minister noted that if the country stopped taking the loans, the infrastructure projects embarked on by the federal government will be affected.
“No country will sign away its sovereignty. The clause says ‘I expect you to pay according to the terms that we agreed on, but if you don’t pay, when I come to collect the assets you used as guarantee, don’t wave your immunity at me and say you can’t touch our assets because we are a sovereign country.
“What you do is to give a sovereign guarantee, which is the clause generating reactions. And I’m ashamed by those interpreting it the other way,” Amaechi said.
The DAILY VENDOR recalls that on Tuesday, the House of Representatives Committee on Treaties, Protocols and Agreements, raised an alarm over loan agreements being entered into with China by the Federal Government.