LOAN TERMS AND CONDITIONS SHOULD BE MADE PUBLIC
No one is an island, no one has it all. If one offers to help, there is every need such person’s motive be studied.
In November 2018, African Stand reported how Kenya was at the risk of losing it’s port(s) to China, as a result of unsettled debt.
China Sponsored two sections of STANDARD GAUGE RAILWAY, on loan offered by a Chinese bank (THE EXIM BANK), under the watch of China’s ministry of commerce.
At the maturity of the said loan, the Kenyan Government was unable to repay the loan, as a result, Kenya is at the verge of losing SGR to the Chinese government, by implication all workers would be forced to work under the Chinese, all income generated would be directed to the Chinese government’s account.
“The agreement is said to lopsided, as it favours the China EXIM bank who advanced Kenya the loan” SGR Auditor General said.
It would be recalled that, in December 2017, the Sri Lankan Government lost it’s HAMBANTOTA PORT to China for a lease period of 99year after failing to show commitment to the loan she collected. (Just take a look at the lease period 99yrs, let have a simple arithmetic 2017+99=2116; our generation must have been gone before then).
In September 2018, Zambia lost KENNETH KAUNDA INTERNATIONAL AIRPORT to China over debt repayment.
Some African countries use their natural resources to pay for their debts, which is abnormal if you ask me.
In Nigeria nearly two decades now, The EXIM Bank of China, is Nigeria’s biggest bilateral creditor.
The analysis shows that Nigeria has obtained 17 loans to fund project across sectors from 2002-2018
Transportation, ICT, Agriculture and others.
Projects financed by a loan from Chinese banks are ( or MUST BE) executed by Chinese contractors.
By implication, cash does not get to the recipient, rather the loans are offered *in the form of project.
(it’s more like you giving me food and telling where and how to eat it)
My biggest worry is not the fact that they execute project they fund but what are the TERMS AND CONDITIONS of the loan(s).
It is high time, our Government make public THE LOAN TERMS AND CONDITIONS and seek public opinion before taking any loans.
As far as I am concerned, the poor masses are at the receiving end.
With a loud voice, I call on the Government to be mindful of any agreement she goes into because at the end of the day. We all will feel the impact.
Conclusively, If we don’t want to end up like some of the other African countries, drastic measures should be taken.
I am Emmanuel Ushie
- A Nigerian