The China Civil Engineering Construction Company appears the major Chinese multinational China is using to dip Nigeria up to its eyeball in debt. And the manner of lending seems stacked against Nigeria.
Ben Ibakpa said this Thursday during an interview on Channels Television’s Sunrise Daily programme.
He said the National Assembly knows nothing about these processes.
“The National Assembly is not part of it. Even the Bureau for Public Procurement is not aware of these loans,’ he said.
“These loans are collected via the China Civil Engineering Construction Corporation (CCECC). They bring a bill, the Federal executive approves the bill.”
Ibakpa noted Nigerian officials do not look into loan documents critically before signing.
“Some of these agreements that are signed, they come in Chinese language,” he said.
“From what we have seen from other countries, the Chinese loans are overpriced and these people are very corrupt.”
Chinese is the main lender to many developing countries, especially in Africa.
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