Nigeria’s arms begging syndrome is becoming quite worrisome and an embarrassing thing to Nigerians. Despite this, Nigeria wants more loan.
One would have thought that, being the most black populated nation and blessed with innumerable amount of natural resources, Nigeria would not be on the list of countries going about begging loans.
Sadly the reality is that as at January 2023, Nigeria’s debt to China is estimated to be around $4.09bn. An indebtedness that people wonder if their great-grand children will not come to meet.
After another request for a loan of about $22.8 billion was turned down by China-Exim Bank, Nigeria is not backing down at all.
It has concluded plans to send a new loan deal to China Development Bank for $973 million.
House Of Representatives’ Approval
The whole plan climaxed on Tuesday when Nigerian lawmakers perfected plans to secure a new loan deal from China Development Bank for $973 million.
The House of Representatives is the major Legislative arm that is in the eye of the needle.
Lawmakers in that green chamber approved the Federal Government’s request.
Basically, in that request the Buhari-lead government wants to borrow $973,474,971.38 from China Development Bank.
Abubakar Fulata is the chairman of the House Committee on Rules and Business.
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During plenary, he moved a motion for the legislative chamber to amend its resolution granting approval to the failed commercial deal.
Meanwhile, information has it that the China is skeptical about handing out any any other loan to Nigeria.
The Asian giant is afraid Nigeria will not pay back.
Months ago, the former minister of transport Rotimi Amaechi identified the reason China is refusing.
He claims the probe instituted by the Ossai-led committee prevented China from granting more loans to Nigeria.
That committee in question believes the loan deals contained “dangerous” clauses.
As a result, it sought to investigate the content of the agreement of the deals.
