A former Minister of Foreign Affairs, Prof. Bolaji Akinyemi, has cautioned President Bola Tinubu against the dangers of unchecked borrowing from China.
Akinyemi, who featured in a Channels Television’s programme, Politics Today, stressed the need for vigilance and careful consideration of the impact of the loans on the Nigerian economy.
He said: “We should be very careful…Don’t isolate the focus on China. There are also debts we owe the United States and some medium-power countries.”
Nigeria’s debt to China stands at approximately $4 billion, accounting for 84% of the country’s total $5 billion debt to global powers.
Akinyemi warned against repeating past mistakes and highlighted the importance of fulfilling debt obligations.
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He cited the recent seizure of Nigerian sovereign goods worldwide due to default on debt repayment, saying, “It is a shame on our status and pride…We have to be careful that we fulfill our side of the bargain, not only with China but with all the other countries that we may be doing deals with.”
Akinyemi also stressed the need for Nigeria to maintain a unified stance in international agreements, noting that states are not recognized as entities in the global system.
He warned against placing corrupt individuals in charge of toll collections for projects facilitated with loans.
“We tend to focus on corruption at the very top…Nigerians who are supposed to be collecting money for trips (tolls) are pocketing the money,” the ex-minister counselled.
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