Minister of Finance, Zainab Ahmed
The Ministe of Finance , Mrs Zainab Ahmed has expressed worry over the $9Billion judgement debt imposed on Nigeria y the UK court, noting that the payment will seriously deteriorate the economy. Ahmed discussed the issue at a press conference in Abuja, yesterday (August 27), which was jointly addressed by the Information Minister, Alhaji Lai Mohammed, Attorney-General of the Federation & Minister of Justice, Abubakar Malami, and Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.
According to Ahmed paying the fine would not only deplete the economic state of Nigeria but also downsize the mode of living of Nigerians.
However the Finance Minister advised Nigerians to take solace in the fact that “ the Nigerian government is making serious effort to get the judgment set aside because the implications would be too tough on all Nigerians.”
Meanwhile, Alhaji Lai Mohammed announced that a joint investigation panel has been created by the Federal Government to probe the issue surrounding the ownership and the failure of the contract.
Primarily, the investigation is to evaluate why the agreement signed sealed between government and a foreign firm, Process and Industrial Development Limited, P&ID, in 2010, failed. Also, to identify the separate roles played by the local and international parties that led to the failed project.
The joint investigation panel comprise of the Economic and Financial Crimes Commission (EFCC), the National Intelligence Agency (NIA), and the Inspector-General of Police (IGP).
According to the Minister of information, the failed deal was for a 20-year gas supply, the foreign company filed for compensation in both the United States and the United Kingdom against Nigeria.