$500m loan: Review all foreign loans agreement, PDP tells NASS

• says loan condition, breaches oath of office, exposes malfeasance by APC, Presidency • insists Nigeria's sovereignty not negotiable

Lawmakers in the National Assembly have been tasked by the main opposition party,  People’s Democratic Party (PDP) to immediately begin the review of all agreements on foreign loans entered into by the All Progressives Congress (APC) led federal government.

The party said the negotiation of Nigeria’s sovereignty over loans to the nation was not only insulting to the Nigerian people but exposes the act of malfeasance by the Presidency with connivance by the ruling party, the APC.

The party said the revelation of the absurd clause in the N500 million has confirmed her earlier alarm that the ruling party and its government had auctioned the country.

“Such mortgaging of our sovereignty in a loan agreement is in further violation of the oath of office of the President to protect the interest of the sovereignty of our nation.

“The PDP also calls on the National Assembly to review all foreign loan agreements entered into by the APC administration and take further urgent steps to retrieve our nation from the international auction,” the party said in a statement signed by its national publicity secretary, Kola Ologbondiyan.

The opposition said Nigerians reject such sovereignty-pawning clause and are not ready to mortgage any parts of our country under any guise whatsoever, and charged the APC administration to retrace its step and halt every action regarding the administration of the loan until all toxic clauses are deleted from the agreement.

The statement reads: “The Peoples Democratic Party (PDP) says the revelation of obnoxious clauses in the agreements entered by the All Progressives Congress (APC) administration with their Chinese lenders in the $500 million loan, has vindicated our stand that the APC has been secretly mortgaging the sovereignty of our nation to benefit its selfish leaders.

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“The PDP reveals that its investigation showed that the mortgaging of our nation’s sovereignty to foreign lenders, including the exposed $500 million loans from China, has been with the active connivance of the APC as a party, even when such is against our national interest.

“The PDP strongly rejects the attempts by the Buhari administration to justify this reprehensible pawning of our sovereignty to a foreign interest.

“Nigerians can recall that our party had on May 28, 2020, alerted that the Buhari administration and the APC had placed our nation on the international auction market with an accumulation of foreign loans under nebulous terms.

“The PDP declares that the APC agenda offends our corporate existence as a nation and grossly violates the fundamentals of our constitution as a self-governing state, which grant no space for any form of a takeover of any of our national interests by foreigners, under any condition whatsoever.

“This gambling with our sovereignty amounts to unpardonable treachery against our nation and the future of our generations yet unborn particularly given the level of incompetence, corruption, treasury looting, as well as the betrayal of public trust by officials of the APC administration, which President Buhari had also confirmed.

“The PDP is further irked by the arrogance being displayed by some officials of the Buhari administration who, rather than being remorseful, are daring Nigerians and the National Assembly over the matter.

“The attitude of government officials including the Minister of Transportation, Rotimi Amaechi, who instead of taking steps to reassure Nigerians, is referring to ceding of control and ownership of assets in the event of default, further raises questions regarding the reliability of the current administration.

“The PDP holds that the demand for such toxic terms by the Chinese lenders underscores the loss of confidence by the international community in the Buhari administration, whose corruption has made it so untrustworthy that lenders now demand that we cede our sovereignty as the condition.

As a pan Nigerian party, the PDP declares that our sovereignty as a nation remains non-negotiable.


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