Reps Suspend Investigation into Chinese Loans

By Dipo Olowookere

The investigation into the loans obtained by Nigeria from China and other foreign sources has been suspended by the House of Representatives.

In recent times, there have been controversies over the funds secured from the Asian giant for infrastructure in the country.

The Minister of Transportation, Mr Rotimi Amaechi, had recently asked the lower chamber of the National Assembly probing the borrowing to suspend it because it could scare away China from giving Nigeria more funds to carry out some projects, especially at a time the country was struggling to generate revenue because of COVID-19, which has depressed the price of crude oil, the nation’s main source of earnings, at the global market.

It was recently feared that China could take over some critical structures in the country if Nigeria fails to repay the loans as at when due because of a clause in the contract signed by both parties.

The House Committee on Treaties, Protocols, and Agreements had engaged the Minister and other government officials on the issue.

On Monday, the Minister had an altercation with the Chairman of the probe panel, Mr Nicholas Ossai, and it took the intervention of the Speaker of the House of Representatives, Mr Femi Gbajabiamila, to douse the tension.

Today, when the committee was expecting the Minister of Works and Housing, Mr Babatunde Fashola; the Minister of Communications and Digital Economy, Mr Ali Pantami; the Minister of the Federal Capital Territory (FCT), Mr Mohammed Bello and the Minister of Police Affairs, Mr Muhammad Maigari; it announced that it was suspending the hearing till next week.

According to Mr Ossai, the suspension of the hearing for one week was to allow members of the committee to critically look into the already submitted documents.

He said the panel will resume hearing on Tuesday, August 25, 2020, asking the Federal Ministry of Justice to prepare an explanation on the loans and agreements signed by the nation.