Tinubu Warned Over Chinese Loans: Ex-minister Raises Alarm

Nigeria’s debt to China has raised concerns, with the country owing over $4 billion to its largest creditor.

Former Foreign Affairs Minister, Bolaji Akinyemi, has warned President Bola Tinubu to be cautious in his dealings with Chinese loans, urging him not to repeat the mistakes of previous administrations.

“We should be very careful,” Akinyemi said in an interview on Channels TV. “Don’t isolate the focus on China. There are also debts we owe the United States and some medium-power countries. What we need to do is to be careful about two things. One, we shouldn’t default on that debt.”

Akinyemi emphasized the importance of fulfilling Nigeria’s obligations to avoid defaulting on its debts, citing the recent seizure of Nigerian sovereign goods worldwide due to non-payment. He also warned against corrupt practices in toll collections on projects facilitated by these debts, stressing that Nigeria’s behavior and DNA are part of the problem.

“Nigeria is the sovereign entity,” Akinyemi added. “Therefore, it is Nigeria that will be held responsible if states default in fulfilling agreements signed and if governors come to the scene and decide to cancel agreements signed by their predecessors. We should get out of that mental thinking. The emperors in Nigeria are not the president in Abuja. The emperors in the political system are the governors because nobody controls them.”