The loan of more than 500 million dollars granted by China to the Nigerian government, with the sole aim of helping it in its development, has finally sparked controversy. Pointed out, China declared that it did not intend to surpass Nigeria's sovereignty and that it was only committed to its development, like other African countries.

Amid outrage over the $500 million loan raised by Nigeria's federal government from China, the Asian country said there was no plan to take back that nation's sovereign right in the event of default. It will be recalled that Transport Minister Rotimi Amaechi, speaking with journalists, explained why there was nothing wrong with that.

Amaechi's position came after the House of Representatives discovered that the agreements between the country and China ceded Nigeria's sovereign right over assets financed by loans in the event of default. Speaking during a live TV broadcast on AIT last Saturday, the Minister of Transport later revealed that Nigeria was already repaying China's loans.

According to him, of the $500 million loan that the federal government took to build the Abuja-Kaduna railway line, $96 million has been paid, adding that the loan will be repaid over 20 years. China said it was not looking for “selfish political gains” as pressure mounted on FG loans worth over $500 million.

“No interference in the pursuit by African countries of development paths that correspond to their national conditions. No interference in the internal affairs of African countries; no imposition of our will on African countries; no commitment to political ties in helping Africa; and no search for selfishness; political gains in investment and financing cooperation with Africa”, indicates part of the declaration.

In contrast, Sani, a former senator representing Kaduna Central, raised an annoyance against the logic behind repaying loans for a period of 20 years. The former lawmaker said that by 2040, when Nigeria completes the payment, many of the infrastructures built with the loans may have depreciated.