By CHARLES ONYEKWERE, ABAKILIKI
A chieftain of the All progressives Congress, APC, Eze Chukwuemeka Eze, has dismissed the claims of Mr Tony Okocha against former Minister of Transportation, Rotimi Amaechi, accusing him of leading Nigeria into massive debt through Chinese loans and nearly compromising the nation’s sovereignty.
Okocha further criticized Amaechi’s influence within the Rivers State APC and derided his performance in the APC presidential primaries.
Reacting to these claims, Eze, in a detailed statement on Wednesday, criticized Okocha’s assertions as “flamboyant ignorance.” He clarified that the loans from China, undertaken during the Muhammadu Buhari’s administration, were part of a direct agreement between the Nigerian Government, through the Ministry of Finance, and China, not an initiative solely driven by Amaechi.
He highlighted that the terms of the loans comply with Section 41 (1a) of the Fiscal Responsibility Act, 2007. He noted the favorable interest rate of 2.50% per annum and the long repayment period, which make these loans manageable for the government.
According to him, pointed to the significant benefits of these loans, particularly in rail transportation, citing successful projects like the Idu-Kaduna and Lagos-Ibadan rail lines, which have improved transportation and reduced traffic congestion.
Emphasized that these infrastructure projects, financed by Chinese loans, have created numerous jobs, directly and indirectly, benefiting many Small and Medium Enterprises.
He argued that investing in infrastructure is a well-recognized strategy for achieving economic growth and development, aligning with global best practices.
According to the Debt Management Office Establishment (ETC) Act, 2003, and the Fiscal Responsibility Act, 2007, all external loans must be approved by the National Assembly after being reviewed by the Federal Executive Council. Eze clarified that Amaechi did not act unilaterally; the loans were a collective decision involving both the executive and legislative branches of government.
Addressing the issue of Nigeria’s sovereignty, Eze explained that the clause in loan agreements is a standard contractual term, ensuring repayment and allowing the lending country to claim assets built with the borrowed funds in case of default. He reassured that this clause does not threaten Nigeria’s sovereignty.
Eze also dismissed Okocha’s authority to speak on behalf of the Rivers State APC, describing him as a political jobber whose opinions do not reflect the collective views of committed party members in the state.
