Prof. Bolaji Akinyemi Warns President Tinubu to Be Cautious with Chinese Loans

Former Minister of Foreign Affairs, Prof. Bolaji Akinyemi, has urged President Bola Tinubu to exercise caution when dealing with loans from the Chinese government, emphasizing the need to consider the implications on the economy. Akinyemi, a professor of political science, made this warning during an appearance on Channels Television’s Politics Today.

Prof. Akinyemi cautioned that Nigeria’s increasing debt to global powers, particularly China, should not be taken lightly. According to the Debt Management Office, China is Nigeria’s largest creditor, with the country owing over $4 billion, approximately 84% of the total $5 billion debt.

Prof.Akinyemi stressed the importance of fulfilling debt obligations and being mindful of the agreements signed, stating, “We shouldn’t default on that debt… We have to be careful that we fulfill our side of the bargain, not only with China but with all the other countries that we may be doing deals with.”

Prof Akinyemi also warned against placing corrupt individuals in charge of toll collections for projects facilitated with these debts and emphasized the need for Nigeria to be mindful of the types and content of agreements signed. Akinyemi concluded by stating that Nigeria, as a sovereign country, will be held responsible for any defaults or cancellations of agreements signed by states or governors.