$9BN P&ID DEBT: We’re ready to negotiate —Nigerian Govt

The Nigerian Government on Thursday assured that it will take any action, including negotiating with Process and Industrial Developments Limited (P&ID), in order to reduce the $9 billion debt.

The Minister of Information and Culture, Lai Mohammed, stated this when he spoke on NTA breakfast programme.

He also said that government would do everything within its power to ensure that those involved in the contract were exposed and prosecuted.

“We’re leaving no stone unturned to resolve this matter. We are ready to sit down with them and negotiate what is reasonable to all parties.You don’t inflict this kind of injury on a country and its people.

“First eleven would be engaged to take over the case. We are making wide consultations on the matter. Nigerians can be rest assured that everything is being done to make sure that the country is not shortchanged in this case.

“The contract itself was not justifiable and I know that the EFCC, Ministry of Justice and other bodies investigating the contract will come up with facts on how the whole thing was done. The government will not sleep until this matter is resolved in a manner that will not injure the interest of Nigeria.

READ ALSO: DISCHARGED AND ACQUITTED! Court frees Jonathan’s ex-aide of alleged N1.6bn fraud

“The P&ID have the resources to hire the best PR agencies in the world to spread this falsehood. And without internal collaborators, external conspirators will not succeed. We will find those involved in this scam, either inside or outside government. The Ministry of Justice has enough experts to know that this would not be in the interest of our country. On the surface it was a scam ab initio and the actors knew where they were going,” he said.

A British court in its judgment on a failed contract suit levelled against Nigeria by P&ID, had ruled that Nigeria should pay $9 billion fine to the company.

The court had also on August 16, 2019, ordered P&ID to seize Nigerian assets worth the money should the country fail to fulfill its end of a deal it entered into with the company.

Nigerian Government had 2010 entered into a 20-year gas and supply processing agreement (GSPA).

As part of the agreement, the federal government was to build a state-of-the-art gas processing facility in Calabar, Cross River State as well as build a gas supply pipeline to P&ID facility.

But P&ID accused the government of failure to fulfill its part of the agreement. This led to the court case.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now