In a move to protect Nigeria’s sovereignty and economic stability, the House of Representatives has mandated its Committees on Treaties, Protocols and Agreements, and on Legislative Compliance to investigate the alleged execution of a “slave agreement” between Nigeria and the Republic of China.
The investigation was prompted by a motion presented by Hon. Ahmed Yusuf Doro, which raised concerns about the terms of loans obtained from Chinese state entities by the Federal Ministry of Finance, the Debt Management Office, and other government institutions.
The House noted that while Nigeria has the power to obtain loans from foreign creditors, such loans must meet guidelines and controls to ensure fiscal, financial, and economic stability. However, a review of the loans with Chinese entities revealed that they are “one-sided, onerous, and vexatious,” and tantamount to “slave agreements.”
The House expressed concern that public servants and civil servants responsible for exercising due diligence before signing these loans are often in a hurry and do not scrutinize them thoroughly, resulting in Nigeria executing loans that create significant hardship for the country.
The terms of these “slave agreements” are designed to fail, putting Nigeria at risk of national embarrassment and potential seizures of national and international assets.
The Committees have been mandated to investigate the allegations and report back to the House within four weeks for further legislative action.
This investigation aims to prevent another repeat of the P&ID scandal and protect Nigeria’s sovereignty and economic stability.
LV