Economy

Reps to probe $9.6bn debt allegedly owed P& ID

The Federal House of Representatives today at plenary has set up an ad hoc committee to investigate the circumstances surrounding the $9.6bn judgment debt slammed on Nigeria government by a London tribunal.

This was a sequel to a motion of urgent public importance moved by Hon (Prof.) Julius Ihonvbere representing Owan Federal Constituency of Edo State.

Supporting the motion, member representing Ethiope West and Ethiope East Federal Constituency Rt. Hon.( Chief) Ben Rollands Igbakpa urged the House to invite all those who brokered that deal on behalf of Nigeria to come and explain their roles and how Nigeria came to incur such alleged debt.

He noted that Nigeria’s economy is in dire straits right now and cannot afford to lose such humongous amount from her already lean reserves.

Recall that a London Court, a couple of months ago, in one of the world’s biggest lawsuits ever, had awarded the sum of $9.6 billion against Nigeria at a usurious interest rate of one $1 million daily.

The original amount awarded to P&ID was $6.6 billion, the biggest amount a company has ever won from a sovereign government until it grew by interest to the current $9.6 billion.

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