In statement released to newsmen, Hon Silas Buowe stated that, “It was a clear ignorance on the part of anybody and a wicked political motive by learned individuals who are aware of the sincere mindedness of the Minister of Transportation and the Executive President towards building a functional and formidable transport sector but are making sinister moves to scuttle their efforts.”
According to him, no country with a population of over 50million can drive her transportation sector with taxi cabs and mass transits buses as Nigeria as struggled to do in the past thirty-five years, 35, until the ingenious moves made by the federal minister of transportation, Rt. Hon. Chibuike Rotimi Amaechi and President Muhammandu Buhari to strengthen and build a formidable railway system.
“As a well bred politician and learned silk, Hon Silas Buowe explained the term ‘Sovereignty Guarantee’ to educate Nigerians on its essence, stating that, it is a promise by the Government of a nation to discharge the liability of a third party in case of his default.”
Hon Silas Buowe said, “it is a clear ignorance mixed with wicked political motives for anyone to think that the elected president of a country and his minister of transportation, both men with collective burning desire to leave Nigeria transport section better than they met it, will mortgage Nigeria independence for a loan of 3.4 Billion USD.”
He noted that, “But for the benefit of those who are deficient in knowledge of international money lending protocols to nations, sovereign guarantee is not new. It is a principle of international lending inserted into money borrowing contracts involving nations.”
“No country, I repeat No country with a population over 50 million people can drive her transport sector with mass transit buses and taxi cabs as Nigeria has struggled to do in the last 35 years until this deliberate government policy on rail by this Buhari government through the ingenious and purposeful Nigeria Minister of transportation Rt. Hon. Chubike Rotimi Amaechi.”
He further said that, Sovereign Guarantee is a promise by the Government of a nation or a state to discharge the liability of a third party in case of his default.
“Sovereign Guarantees are issued by governments as contingent liability against the occurrence of an event covered by the guarantee. This is not peculiar to Nigeria.”
He also posited that, article 292 of the Constitution of India extends the executive power of the Union to the giving of sovereign guarantees on the security of the Consolidated Fund of India, within such limits, if any, as may be fixed by Parliament. Similar powers are also given under the constitution to States under Article 293 of the constitution.
Calling on Nigerians to stop making noise about Nigeria independence sold or about to be sold by the Buhari led administration. It is a lie from the pit of hell to further deprive Nigeria of this window of opportunity to transform the rail transport system.