Amaechi explains sovereignty clause in $500m Chinese loan

Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, has explained that the clause ‘waiving sovereignty’ in the loan agreement between Nigeria and China was only a contract term, a sovereign guarantee that assures payback according to the terms and conditions of any loan.

Amaechi made the clarification while answering questions about the loan controversy on a TV programme, yesterday.

He also explained that the Ministry of Transportation was not responsible for taking loans, but to implement the project or contract for which the loans were taken.

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