A developer and a political analyst, Uche Okoye has stated that, China will soon takeover most notable revenue derived sectors in Nigeria, because Nigeria can not afford to repay the several loans the President of the country, Rtd. General Muhammadu Buhari has accumulated.
He made this known while reacting to the crude oil price slashed by Saudi Aramco yesterday, that is kicking off a global oil price war. Okoye feared that, with Nigeria’s over dependence on crude oil, this price cut could hinder the nation’s loan repayment with China especially.
Uche Okoye wrote: “Nigeria can not afford to pay back the loans Buhari has accumulated.
China will soon take over Apapa Wharf, Lagos International Airport,and NNPC.”
Recently, the Senate just approved $22.7 billion loan request by President Muhammadu Buhari (over $17 billion will be coming from China), bringing Nigeria’s external debt stock to nearly US$50 billion.
According to PREMIUM TIMES, Nigeria’s transportation and ICT sectors have six projects each financed by loans from the Chinese bank, while energy, agriculture and water sectors, respectively, have three and two projects tied to Chinese loans.
