The African Democratic Congress (ADC) has said President Bola Tinubu has mortgaged the country’s future by the £746 million agreement he signed with the government of the United Kingdom during his state visit to London.

The Federal Government stated that the agreement is for the rehabilitation of the Tin Can and Apapa Ports in Lagos.

But the ADC, in a statement issued by the National Publicity Secretary, Mallam Bolaji Abdullahi, alleged that the agreement was skewed in favour of the UK government, which the party noted already enjoys a significant balance of trade advantage over Nigeria.

According to the party, the deal is a commercial loan arrangement with conditionalities that ensure that a substantial portion of the funds either remains within the United Kingdom or is repatriated back to it.

“Based on information available on the UK government website, which described the deal as a ‘major vote of confidence in UK manufacturing,’ the £746 million agreement will be delivered through UK Export Finance’s (UKEF) Buyer Credit Facility and arranged by Citibank, N.A., London Branch.

“UKEF is the UK government’s export credit agency. Its Buyer Credit Facility enables foreign buyers to access financing from commercial banks to procure UK goods and services, typically for projects that require significant UK content participation,” ADC explained.

The party noted that UKEF guarantees a loan obtained by a foreign buyer from a commercial bank, which is then used to pay for UK goods and services, with the bank paying the UK exporter directly on behalf of the buyer.

It pointed out that under this agreement, at least £236 million of the £746 million in supplier contracts will be awarded to British companies, while British Steel will supply 120,000 tonnes of steel billets under a £70 million contract, representing its largest UKEF-backed export order, for port rehabilitation projects.

The party expressed concern that the Nigerian government could enter into an agreement that leaves the country at a disadvantage, all in an attempt to secure foreign validation, notwithstanding that millions of Nigerians are facing poverty, unemployment, and worsening insecurity.

It requested the All Progressives Congress (APC) led Federal Government to tell Nigerians the repayment terms of the commercial loan, including its duration and applicable interest rate.

The party also wants to know the percentage of local goods, services, and subcontracting involved in the port rehabilitation project, as well as the number of direct and indirect jobs that would be created for Nigerians.

In addition, ADC is demanding to know the project timeline of the loan, and when the ports would become fully operational, as well as the provisions for training, apprenticeships, skills transfer, and the limits on expatriate staff.