We Are Working To Make Sure China Doesn’t Take Over Nigeria’s Assets: DMO
Nigeria’s Debt Management Office has moved against fears that the nation’s assets could be taken over by China amid rising debt acquisitions. Peoplesgazette reports.
The Director-General of DMO, Patience Oniha, said this on Saturday in Abuja, adding that the Nigerian government are taking “very sensitive steps” before contracting foreign loans.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada“An important and extremely critical step is that the loan agreements are approved by the Federal Ministry of Justice”. Information Guide Nigeria
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“An opinion is issued by the Attorney-General of the Federation and Minister of Justice before the agreements are signed,” she said.
Ms Oniha added that multiple institutions of government are also involved to ensure that the loans were beneficial to the nation.
“Before any foreign loan is contracted, including the issuance of Eurobond, they are approved by the Federal Executive Council and thereafter, the National Assembly.”
“The first action is that the parties should resolve it within themselves and if that fails, they go to arbitration”.
“In other words, a lender, in this case, China, would not just pounce on an asset at the first sign of a dispute, including defaults,’’ she said.
Meanwhile, loans from China to Nigeria, which presently stood at $3.59 billion, constitute only 9.4 per cent of the country’s total foreign debt stock of 37.9 billion dollars, Ms Oniha noted.jamb results
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada“Nigeria’s total debt stock as of September 30 was 37.9 billion dollars, this figure comprised the external debt stock of the Federal Government, 36 state governments, and the Federal Capital Territory.
“But total loans from China stand at 3.59 billion dollars, which is 9.47 per cent of the total external debt. The loans did not require any national asset as collateral; they were largely concessional”.
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