Former Minister of Foreign Affairs, Prof. Bolaji Akinyemi, warns President Bola Tinubu about the risks of accepting loans from China without considering the economic implications. Akinyemi’s caution follows President Tinubu’s positive engagements with Chinese leaders at the China-Africa Cooperation Summit.
Nigeria owes significant debts to global powers, with China being the largest creditor. Despite some loans having long repayment plans, Akinyemi stresses the importance of fulfilling debt obligations without defaulting.
Akinyemi highlights the need for caution in agreements with international entities, especially in infrastructure projects. He warns against corrupt practices that could hinder loan repayment and damage Nigeria’s reputation on the global stage.
He emphasizes the responsibility of Nigeria as a sovereign entity to ensure compliance with agreements and prevent corrupt practices that jeopardize loan repayment. Akinyemi urges a shift in mindset towards accountability and integrity in handling infrastructure projects funded by foreign loans.
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