A diplomatic row might affect Nigeria's hopes of getting the proposed $29.9 billion loan from the Chinese government. China may withhold $29.9b proposed loan to Nigeria

The loan is part of Nigeria's plan to spend N7.298 trillion for its 2017 budget.

According to The Nation, the Chinese government is upset by the federal government’s diplomatic recognition of Taiwan as a sovereign nation.

The issue may also affect the implementation of the $80billion MoU between the Nigerian National Petroleum Corporation (NNPC) and China.

The Chinese government reportedly raised the matter when President Muhammadu Buhari visited Beijing and the president was said to have assured his hosts that the issue will be addressed, but checks reveal that nothing concrete has been done.

Taiwan and its associated territories are regarded as a province of China, but the small nation have refused to concede to Chinese authorities.

Taiwan Marketing Mission had been operating as a full-fledged mission since the days of former President Goodluck Jonathan.

All efforts by the Chinese government to reverse the status have fallen on deaf ears.

Of the $29.9billion loan, the federal government’s share is $25.8billion, while state governments will have a $4.1billion facility.

The external borrowing plan is a three- year plan covering proposed projects for 2016 – 2018. As such, the borrowings will be phased over the three year period.

The borrowings are highly concessional (non-commercial), with low interest rates and long tenors.

A source quoted in the report said:“The Chinese government is now a bit reluctant to grant loans to Nigeria through its EximBank because of the issue of distrust between the two nations over Taiwan.

“The Chinese government is unhappy with the federal government that it is operating a two-China diplomatic policy. The government relates with China and Taiwan on equal basis.”

Meanwhile a government source said: “It is not correct to say that Nigeria is operating a two-China policy.

“I am aware that since February 10, 1971, Nigeria and the People’s Republic of China have established diplomatic ties and the issue of Taiwan had been carefully handled.

“In spite of the fact that Nigeria has a representative office in Taipei, Taiwan, the two nations agreed in 2005 that the PRC is the only legitimate government representing the whole of China and Taiwan is an unalienable part of its territory.

“We have not deviated from this agreement. If there is any infraction, the federal government has to investigate it thoroughly before taking a clear-cut position.”

Meanwhile, Nigeria and other developing countries lost about $16.3 trillion between 1980 and 2012, a report by Global Financial Integrity (GFI) has revealed.

The GFI, which is the Centre for Applied Research at the Norwegian School of Economics, worked with a consortium of global economic experts in Brazil, India, and Nigeria to publish the report, representing huge social costs borne by the citizens of affected countries around the world.

Credit: http://www.thebusinessdispatch.com/nigeria-china-diplomatic-row-recognition-taiwan-may-affect-2017-budget/

Nigeria is a country that behaves as if they have no common simple sense. You are recognizing an autonomous administrative state in a country as a sovereign country and at the same you are refusing to let Biafra go. You did the same thing with Palestine. It's this kind of stupid interference that will infuriate one of these countries to secretly fund IPOB...load them with everything they need, including weapons since you are very stubborn and do it also smugly like you have sense! Same way Buhari went to Gambia to advise Jammeh, Jammeh was looking at him as a big hypocrite!

I doubt

The Office of the Ministry of Foreign Affairs is responsible for the formulation of Nigeria's Foreign Policy and External Relations. Do I need to remind you that an Igbo man, Geoffrey Onyeama is the current Minister of Foreign affairs? Do I need to remind you that Nigeria established partial dilomatic ties with Taiwan when another Igbo man, Late Ambassador Ojo Maduekwe was the Minister of Foreign Affairs?

Igbo Diplomats and Ambassadors like Prof Joy Ogwu, the former Nigerian Permanent Seceretary to the UN and Bianca Ojukwu, Nigeria's Ambassador to spain, are busy working for Nigeria while jobless ipod miscreants are busy shouting about biafra and insulting others on social media. We Igbos should think

Freedom2016:
Nigeria is a country that behaves as if they have no common simple sense. You are recognizing an autonomous administrative state in a country as a sovereign country and at the same you are refusing to let Biafra go. You did the same with Palestine. It's this kind of stupid interference that will infuriate one of this countries to secretly fund IPOB...load them with everything they need, including weapons since you are very stubborn and do it also smugly like you have sense! Same way Buhari went to Gambia to advise Jammeh, Jammeh was looking at him as a big hypocrite!

CliffordOrji:
The Office of the Ministry of Foreign Affairs is responsible for the formulation of Nigeria's Foreign Policy and External Affairs. Do I need to remind you that an Igbo man, Geoffrey Onyeama is the current Minister of Foreign affairs? Do I need to remind you that Nigeria established partial dilomatic ties with Taiwan when another Igbo man, Late Ambassador Ojo Maduekwe was the Minister of Foreign Affairs?

Igbo Diplomats and Ambassadors like Prof Joy Ogwu, the former Nigerian Permanent Seceretary to the UN and Bianca Ojukwu, Nigeria's Ambassador to spain, are busy working for Nigeria while jobless ipod miscreants are busy shouting abut biafra and insulting others on social media. We Igbos should think

Afonja and their warped reasoning. Onyema is formulating foreign policies and the Tyrant Buhari would largely listen abi? Some of you Afonja needs to be slapped with your own hands like a baby.

CliffordOrji:
The Office of the Ministry of Foreign Affairs is responsible for the formulation of Nigeria's Foreign Policy and External Affairs. Do I need to remind you that an Igbo man, Geoffrey Onyeama is the current Minister of Foreign affairs? Do I need to remind you that Nigeria established partial dilomatic ties with Taiwan when another Igbo man, Late Ambassador Ojo Maduekwe was the Minister of Foreign Affairs?

Igbo Diplomats and Ambassadors like Prof Joy Ogwu, the former Nigerian Permanent Seceretary to the UN and Bianca Ojukwu, Nigeria's Ambassador to spain, are busy working for Nigeria while jobless ipod miscreants are busy shouting abut biafra and insulting others on social media. We Igbos should think

You are right.

Bush man President. You will use the 1.4Trillions you just claimed to have saved from subsidy since May to Nov. No need to borrow