House opposes Nigeria signing unfair loan agreements

The House of Representatives has initiated moves to stop the country from signing what it called obnoxious loan agreements.

The House noted that such pacts tend to enslave the country or compel the country to forfeit its sovereignty, as contained in some loan agreements.

It said such pacts must be in line with democratic principles, as contained in the 1999 Constitution, as amended.

The lawmakers unanimously passed, for second reading, a Bill to Repeal the Treaties Making Procedure Act of 2004, which it said was in conflict with the constitution.

The bill was sponsored by the House Committee on Treaties and Protocols, chaired by Ossai Nicholas Ossai.

Leading the debate on the general principles of the bill, Ossai said the principal Act was enacted January 21, 1993 and called Decree No. 16 during the military era, long before the 1999 Constitution became effective.

He said, “This presupposes the fact that the Principal Act predates all the intendments of the 1999 Nigerian Constitution that ushered in the Fourth Republic democratic government.”

“This, therefore, means that the Principal Act is obsolete and needs urgent review and a total overhaul for it to be in conformity with the Nigerian Constitution with regards to treaties making procedure and implementation.”