Ezekwesili urges Tinubu to terminate £746m ports financing deal

Concerns Over Transparency and Disclosure

Former Minister of Education, Obiageli Ezekwesili, has called on President Bola Tinubu to immediately terminate the £746 million ports financing agreement between Nigeria and the United Kingdom. She accused the Federal Government of failing to disclose critical details of the deal 152 days after it was signed at Windsor Castle.

Ezekwesili expressed concern over the “persistent silence” surrounding the agreement, particularly at a time when Nigeria is facing mounting public debt and severe fiscal pressures. She noted that the terms, including the interest rate and repayment schedule, have yet to be made public, raising serious questions about the implications for Nigeria’s finances.

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.

— Obiageli Ezekwesili, Former Minister of Education, Federal Republic of Nigeria

She explained that while she initially refrained from commenting due to national security concerns, the continued lack of transparency made it necessary to raise the issue publicly. She described the pattern of governance surrounding the deal as opaque and irresponsible.

Sovereign Debt and Benefit Disparity

Ezekwesili argued that the financing arrangement should be subjected to greater public scrutiny because it represents a sovereign debt obligation rather than a grant. According to her analysis, the facility is a commercial loan arranged by Citibank London and guaranteed by UK Export Finance, with provisions that primarily benefit British exporters.

She revealed that at least £236 million is contractually reserved for British suppliers, citing British Steel as a major beneficiary with a £70 million contract. She questioned the rationale for Nigeria assuming the debt while foreign companies are positioned to harvest the primary economic benefits.

Nigeria borrowed the money that British companies will harvest the contracts and Nigerians will repay the debt.

— Obiageli Ezekwesili, Former Minister of Education, Federal Republic of Nigeria

Further concerns were raised regarding the absence of officially published financial obligations. Neither the interest rates nor the repayment timelines have been disclosed, leaving the long-term impact on the national treasury uncertain.

Escalating National Debt and Oversight

The former minister linked the ports deal to Nigeria’s broader debt crisis, noting that public debt has risen from N87 trillion in May 2023 to over N152 trillion. She emphasized that debt servicing is currently consuming more than 60 per cent of government revenues, which limits the resources available for health, education, and security.

Ezekwesili also criticized the National Assembly for what she termed a failure to provide adequate scrutiny of the government’s borrowing plans. She alleged that a $21.45 billion external borrowing plan was approved without a substantive public hearing, describing the legislature as “complicit, supine and captive” in the face of rising annual borrowing rates.

In her concluding appeal, she maintained that the ports financing agreement deserves immediate public disclosure because the financial burden will ultimately be borne by Nigerian taxpayers. She insisted that all public borrowing must be subjected to transparency, accountability, and rigorous scrutiny to protect the public interest.