Nigeria’ Former Minister of Education, Oby Ezekwesili has called on President Bola Tinubu to terminate the £746million ports reconstruction deal he signed with UK firms, describing it as “dodgy.”
In post on her social media handles, Ezekwesili said several months after the deal was signed both the Nigerian and UK governments have not disclosed the terms of the agreement.
“One hundred and fifty‑two days after President Bola Tinubu signed a £746 million ports financing deal with the United Kingdom at Windsor Castle, neither government has disclosed the terms of the agreement.
“I initially held back from commenting, prioritising Nigeria’s spiraling insecurity.
“But the persistent silence surrounding this deal and the pattern of opaque governance it reflects makes further waiting irresponsible,” she said.
Exploding Debt
Ezekwesili noted that Nigeria’s debt burden has continued to grow, gulping a large chunk of the country’s revenue and with little to show for education, health and security.
“Nigeria’s public debt has exploded from ₦87 trillion in May 2023 to over ₦152 trillion today.
“Debt service now gulps more than 60 percent of government revenues, leaving crumbs for health,
education, and the security Nigerians are dying for lack of.
“The administration’s annual borrowing
rate has soared to nearly ₦50 trillion, that is, ten times that of its predecessors, fueled by a $21.45 billion external borrowing plan approved without a single substantive public hearing by the complicit, supine and captive nassnigeria,” she said.
She wondered why the Nigerian government added more burden on the country’s debt with the ports deal.
“Against this backdrop, the Tinubu government added a £746 million ports deal whose terms remain hidden.
“This is not a grant, nor aid. It is a sovereign debt obligation. It is a commercial loan arranged by Citibank London, guaranteed by UK Export Finance, and structured to benefit British exporters.
“At least £236 million is contractually reserved for British suppliers.
“British Steel alone secured a £70 million contract it described as one of the largest in its history.
“Nigeria borrowed the money that; British companies will harvest the contracts and Nigerians will repay the debt.
“Yet neither interest rates nor repayment timelines have been officially published,” Ezekwesili said.
Leave a Reply