Unburdening Nigeria from Wrongful Contractual Agreements – THISDAYLIVE

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SPECIALREPORT

The recent resolution of the Ajaokuta Steel dispute after 14 years of international litigation, is an attestation to President Muhammadu Buhari’s efforts at freeing Nigeria from foreign debts occasioned by wrongful contractual Agreements. Alex Enumah writes

There’s a swirling belief that most of Nigeria’s foreign debt are attributable to bad contracts entered into by the previous administration. Thus, the President Muhammadu Buhari administration, from day one, did not hesitate to free the country from many of these humongous debts by challenging suspected agreements in various international arbitrations and engaging in meaningful negotiations to resolve genuine ones.

The Minister of Finance, Mrs. Zainab Ahmed, once said, “Our national debt is not only a function of sovereign borrowings – it is swelled by legal claims brought as a result of contractual disputes”. She added that, “Terminating bad contracts is often as costly as…



Source: Thisday Newspaper