Two arbitration awards totaling over $8.9bn (about N2.7 trillion at CBN’s N305.4 as of May 22) have been made against the country and it does appear efforts by the Muhammadu Buhari’s administration to dodge payments have failed, leaving it with no option than to honour the judgment obligations.
The fines emanated from the contractual actions of three previous administrations – the Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan regimes. That award has since attracted additional $2.3billion in accumulated interest at 7 per cent rate per annum over more than five years it remained unsettled. The amount due for enforcement today is about $8.9 billion.
The second award of about $21.24 million (N6.5 billion) was in favour of ENRON Nigeria Power Holding (ENPH) Limited, which signed an agreement with the Lagos State government for the construction of power projects in the state. The federal government guaranteed the agreement and has now been held liable after Lagos was accused of breaching it.
The Minister of Petroleum Resources, Ibe Kachikwu, disclosed the federal government was aware of the outstanding obligations and was doing something about them. He did not provide details. “We (federal government) are aware,” Mr Kachikwu said in a terse message in response to an enquiry. “The Attorney-General is handling them.”
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Kai I still maintain that all the looters of our wealth should all be thrown into the lagoon to perish.
ReplyDeleteI concur with your statement.
DeleteI second this!
DeleteI concur as well. There's so much sorrow and pain, may God liberate us from evil
DeleteThis is seriously serious...
ReplyDeleteIt's only God that can intervene in this country, the economy has seriously melt down.
Hmmmmnn, this people will soon auction us off.
ReplyDeleteAnd yet again Buhari is suffering for the deeds of the past administration. if only they've been paying it off bit by bit
ReplyDeleteNobody mention GEJ, OBJ and Yar’ADUA names o. If say the problem start with Bubu, you for see Buhari this, Buhari that everywhere. Nigerians na hypocrites.
DeleteMake them sell Nigeria and give us Biafra.
ReplyDeleteBiafra k'anyi g'eso, m'ona eje-eje, ma ona ala-ala Biafra k'anyi g'esooo.
We need special prayer session in sdk block for Nigeria. We are already coming out of recession it won't be nice to experience another one again Biko.
ReplyDeleteYou will pray alone, have so many things to pray for not NIGERIA.
DeleteNigeria my country!
ReplyDeleteFor real???
ReplyDeleteHas the economic not collapse kapta kpata? Whatever is it waiting for again. Written report.
ReplyDeleteAll they need to do is scrap the NATIONAL ASSEMBLY AND HOUSE OF REPS FOR ABOUT TWO YEARS.money saved can pay the loan. Then the house can meet say, every month to make and ammend bills and be given sitting allowance. If they can sacrifice for the good of the nation..... we Will do well
ReplyDeleteMy take, exactly.
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