Emphasizing the need for legislative intervention, activist Madubuachi Idam has urged the National Assembly to enact laws that would regulate the handling of international debts by states in Nigeria.
Idam highlighted the recent incident of Nigerian presidential jets being seized in France by a Chinese company as a compelling reason for prompt action by the National Assembly.
He stressed that the proposed legislation should not only oversee the management of international debts owed by state governments in Nigeria but also include provisions for security measures that could enable the federal government to settle such debts in certain scenarios.
In a discussion with NewsNow, the activist lawyer pointed out that state debts could potentially be linked to their monthly allocations from the government.
Reports revealed that an independent arbitral tribunal, led by the former President of the UK Supreme Court, had issued an order for the seizure of Nigerian presidential jets. This action was initiated by Zhongshan Fucheng Industrial Investment Co. Limited, a Chinese company, due to the Ogun State government’s failure to satisfy a $74.5 million obligation.
Responding to the situation, the Presidency acknowledged the seizure but characterized it as a futile attempt by Zhongshan to target the offshore assets of the Federal Government through deceitful means.
Idam expressed concern, stating, “It is a critical time for Nigeria, and we should all earnestly pray for the nation. The recent reports of a French court ruling in favor of a Chinese company to seize three presidential jets belonging to Nigeria are deeply troubling.”
He continued, “While the Chinese company acted within its rights to recover debts, this incident should serve as a wakeup call for the National Assembly to swiftly formulate legislation to regulate all international debts owed by Nigerian states, whether arising from contracts or loans.”
He further added, “The proposed legislation should not only oversee the debts incurred by state governments but should also ensure that necessary security measures are in place to enable the federal government to address such situations promptly. States should be held accountable, and no state should be allowed to bring disgrace upon the Federal Government again.”