The Conference of Nigerian Political Parties (CNPP) says the recent $1.1billion Chinese loan facility granted to Nigeria; will further plunge the country into foreign debt trap and what it describes as Chinese neo-colonialism.

In a press statement signed by its National Publicity Secretary, Chief Osita Okechukwu, CNPP said it is a paradox that the Minister of Finance, Dr Ngozi Okonjo-Iweala who less than ten years ago was hailed for doling out $12.4 billion to exit Nigeria from the Paris and London Debt Trap and Western Imperialism is today heading the unconscionable Debt Squad and Chinese Imperialism.

The group further lamented that had it not been for the patriotism of the members of the National Assembly, Nigeria?s foreign debt profile could have sky-rocketed over the roof; as earlier in the year the Minister, Dr Okonjo-Iweala had written to the National Assembly requesting for$7.9 billion foreign loan for sundry purposes.

?Whereas, the Conference of Nigerian Political Parties{CNPP} agrees that some of the projects for the loans and in particular, the$1.1billion Chinese Credit Facility are of high priority and of high impact, which as the Ministry of Finance canvassed are designed to have practical economic effect and make life better, more convenient for all Nigerians of all socio-economic groups.

?However with Excess Crude Account of over $8billionand billions fleeced off corruptly, there is no justification for subjecting sovereign Nigeria to Chinese imperialism or any for that matter,? CNPP said.

The group queried why the Federal Government of Nigeria is borrowing $100m for Galaxy Backbone, when the private telecommunications companies like GLO, MTN, Microsoft, Huawei, Ericsson, Etisalat, ZTE and co are busy doing same across the federation in partnership with Nigerians?

?With unprecedented oil revenue, Nigeria has no genuine cause to return to foreign debt trap; as a careful study of Chinese neo-colonialism in Africa shows that like all known imperialism in history; it is exploitative, anti-people, anti-democratic and ruthless,? CNPP lamented.

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