House of Representatives is to probe allegation of Execution of Slave Agreement between Nigerian Miniseries, Departments and Agencies of government with the Federal Republic of China.
This was sequel to a motion by a member from Katsina State Alhaji Ahmed Yusuf Doro, adopted by the house during plenary session.
Presenting the motion Alhaji Ahmad Yusuf Doro, explained that although, Federal and State Governments have constitutional and statutory powers to obtain loans from local and foreign creditors, but must adhere to processes and controls for fiscal, financial guidelines.
He maintained that Paragraph 2.2 (vii) of the Guidelines provides that all external loans must have approval in the Annual Budget of the Federation before they are obtained.
The lawmaker further stated that foreign loans must meet External and Domestic Borrowing Guidelines for Federal, State Governments, and Federal Capital Territory and their Agencies as a prerequisite
Mover of the motion said the house should be aware that Federal Ministry of Finance, the Debt Management Office, and other government institutions have developed interest in obtaining loans from Chinese State entities and have increased Nigerian debt exposure to China.
He also observed that, the relevant public and civil servants charged with the responsibility for exercising due diligence before the loans are signed are always in a hurry without scrutinizing the conditions attached as a result, Nigeria has executed loans that create significant hardship for the citizens.
Alhaji Yusuf Doro, who was worried over the development stressed the need for thorough investigation and review of the terms of the slave agreements and to quantify the risks, threats, and dangers associated with them for pro-active steps.
He emphasized that critical review of the terms and conditions attached to the loans would prevent another repeat of the P&lD scandal and a situation where Nigeria’s sovereign assets will be threatened both home and abroad.
The House has mandated the Committees Committees on Treaties, Protocols and Agreements, and on Legislative Compliance to investigate the matter and report back within four weeks for further legislative action.
COV : TSIBIRI
