Oby Ezekwesili has described President Muhammadu Buhari’s signing of a $382 million loan deal with the Chinese Government as a bad move.
In a series of posts shared today on her personal Twitter page, the erstwhile Minister and former VP of the World Bank implied that the Chinese loan is risky to Nigeria. This is because “Chinese attitude to indebtedness is the hardest in the world”, she said.
She further stated that it is annoying to see countries like Nigeria continue to collect loans from the Asian hegemon; despite the risks involved.
According to Dr Ezekwesili, the Chinese are calculative and deliberate when they give loans to African Governments. They know exactly what they are doing when they design the loans to cover their exposure levels in case of uncertainties, she said.
Unfortunately, African leaders such as President Buhari continue to borrow recklessly and without recourse to all the inherent dangers.
As Ezekwesili observed, the scale of public debts is increasing steadily just as present-day politicians continue to behave like their predecessors who piled up debts.