Senior special assistant to President Muhammadu Buhari on media and publicity, Mr Garba Shehu disclosed on Saturday, that Nigeria has signed a $328 million agreement with China on the National and Communication Technology Infrastructure Backbone (NICTIB) Phase 11.
The agreement according to NAN was signed when Buhari arrived in Beijing, China, for the 2018 Forum on China–Africa Cooperation (FOCAC), with Chinese President Xi Jinping witnessing the signing.
It was also disclosed that the project will be executed by Galaxy Backbone Limited and Huawei Technologies Limited (HUAWEI) while funding will come from the Chinese EXIM Bank.
Former presidential aide, Reno Omokri taking to his Twitter handle, said the president and his government of sharing $322 million Abacha loot to the ‘poor’ but has now signed a $328 million ‘soft loan’ agreement in China, an act, he says is an evidence of ‘lifelessness’.
A month ago the @MBuhari government shared $322 million Abacha loot to the ‘poor’. Yesterday, President @MBuhari signed a $328 million ‘soft loan’ agreement in China. And when they say this fellow is ‘lifeless’ you take offence. Is this not evidence of lifelessness? #RenosDarts
— Reno Omokri (@renoomokri) September 2, 2018
Reacting to the news, Former Education Minister Oby Ezekwesili said Chinese attitude to Indebtedness is the hardest in the world. She said she knows this because they had to deal with it in the course of their work at the World Bank, helping African countries to get the HIPC Debt Cancellation.
She noted that countries are best advised to avoid the riskiest debt types especially the Chinese genre – that has been happening across Africa in recent times.
She wrote:
Chinese attitude to Indebtedness is the HARDEST in the world. I know, because one had to deal with it in the course of my work @ the World Bank, helping African countries to get the HIPC Debt Cancellation.
It ANNOYS ME TO NO END to see our countries BINGING on Chinese Loans.
— Oby Ezekwesili (@obyezeks) September 3, 2018
Most annoying of this latest round of RISING SCALE of Public Debt by countries of the continent is that the politicians are behaving EXACTLY like the ones who PILED UP DEBTS in the 80s & 90s.
“Just sign up for plenty Loans…forget about imperatives of Debt Sustainability.” KAI!!— Oby Ezekwesili (@obyezeks) September 3, 2018
The Chinese KNOW EXACTLY what they are doing. If you read their Loan Agreements with African countries, you will see how TIGHT they cover their exposure. Meanwhile, our own Leaders go there to naively, gleefully and with huge dose of inferiority complex, sign on to BAD DEALS.
— Oby Ezekwesili (@obyezeks) September 3, 2018