The House of Representatives Wednesday moved against alleged entry and execution of agreements capable of economically enslaving Nigeria by federal government’s Ministries, Departments and Agencies (MDAs) with China.
The House in a resolution mandated its Join Committee on Treaties, Protocols and Agreements, and on Legislative Compliance to investigate the allegations and report back within four weeks.
This followed the adoption of a motion by Hon. Ahmed Yusuf Doro, who cautioned that foreign loans must meet external and domestic borrowing guidelines for federal, state governments, and Federal Capital Territory (FCT) and their agencies as a prerequisite.
“Paragraph 2.2(vii) of the guidelines provides that all external loans must have been pre-approved in the Annual Budget of the Federation before they are obtained,” the lawmaker stated.
He added that the Federal Ministry of Finance, the Debt Management Office, and other government institutions have developed interest in obtaining loans from Chinese state entities and have increased Nigerian debt exposure to China.
He said: “A careful review of the loans with these Chinese entities indicate that the loans are one sided, the terms are onerous and vexatious, and they are tantamount to slave agreements.”
The lawmaker observed that the relevant public servants and civil servants charged with the responsibility for exercising
due diligence before these loans are signed are always in a hurry and do not scrutinise the loans.
“As a result, Nigeria has executed loans that create significant hardship for Nigeria,” he said.
