$9.6bn Judgement Debt: Analyst urges FG to negotiate with P&ID

A policy analyst, Atiku Samuel, says the federal government should negotiate with Process and Industrial Development Limited (P&ID) before taking any other legal action.

He said this on Sunday in Abuja while speaking to journalists.

Samuel said that getting a workable negotiation is the only practicable thing to do to get the nation out of losing such huge amount.

“If Nigeria decides to even appeal the judgement, on what basis will the appeal be grounded?” he asked, maintaining that the nation is in such quagmire because of the failure of the justice system.

According to him, the justice system in Nigeria is not trusted, so most people prefer to get into contract with the federal government under foreign law.

He however, said that the ability of the nation to make and enforce contracts and resolve disputes is fundamental if markets and the economy were to function properly.

The policy analyst said that good enforcement procedures enhance predictability in commercial relationships and reduce uncertainty.

This he said would assure investors, especially intending foreign investors that their contractual rights would be upheld promptly by local courts.