Bolaji Akinyemi, former Foreign Affairs Minister, has advised President Bola Tinubu to exercise caution regarding China’s loans. Speaking on Channels TV, Akinyemi stressed the need to evaluate the long-term implications of these loans on Nigeria’s economy.
This warning follows President Tinubu’s positive remarks about his engagements with Chinese leaders during the 2024 China-Africa Cooperation Summit in Beijing. Nigeria’s significant debt to China, amounting to over $4 billion, represents 84% of the country’s $5 billion total external debt, with some loans extending up to 20 years.
Akinyemi highlighted the importance of meeting debt obligations and warned against the pitfalls of defaulting, referencing recent issues where Nigerian goods were seized globally due to debts. He urged the President to ensure that agreements with all countries, not just China, are fulfilled and cautioned against placing corrupt individuals in charge of toll collection on projects funded by these loans.
He also pointed out the challenge of ensuring that state governors and local entities adhere to agreements, stressing that Nigeria as a sovereign nation bears the responsibility for defaults and mismanagement.
News Editor