While the Federal Government Moves to Borrow More Money From China, Nigeria’s House of Representatives Sounds the Alarm

While Nigerian President Muhammadu Buhari and his cabinet appear increasingly determined to borrow more from China to fund infrastructure projects, even amid the current economic crisis, critics in the House of Representatives are expressing alarm over the lack transparency in the Chinese loans.

“One will say China is not the highest creditor in Nigeria. Yes, but the worrisome part of it is that the way the Chinese bring these loans,” said Representative Ben Igbapka who’s emerged as the president’s most outspoken legislative opponent on the issue of loans. “The International Monetary Fund (IMF) sounded on its website that these Chinese loans are not Paris Club-compliant. It means that if there are disputes, there is no world-accredited body that will intervene,” added Igbapka in an interview with The Guardian newspaper.