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Nairaland Forum / Nairaland / General / Politics / Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy (1592 Views)
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Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by FriendNG: 12:44pm On May 24, 2018 |
Even as the Nigerian economy is struggling to maintain stability after managing a recovery last year from one of the worst recessions in its history, Nigeria appears to be sitting on a tinderbox that could wipe off a sizeable chunk of its foreign reserves, derail the 2018 budget and plunge the economy back into recession. Two arbitration awards totaling over $8.9bn (about N2.7 trillion at CBN’s N305.4 as of May 22) have been made against the country and it does appear efforts by the Muhammadu Buhari’s administration to dodge payments have failed, leaving it with no option than to honour the judgment obligations. The fines emanated from the contractual actions of three previous administrations – the Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan regimes. On March 20, 2013, a three-man arbitration panel, constituted under the rules of the Arbitration Act 1996 (England and Wales) and the Nigerian Arbitration and Conciliation Act (CAP A18 LFN 2004), awarded $6.6 billion in favour of Process & Industrial Development Limited (P&ID), an engineering firm registered in the British Virgin Island (BVI). https://www.premiumtimesng.com/news/headlines/269541-exclusive-nigeria-in-big-trouble-as-n2-7-trillion-fine-threatens-collapse-of-economy.html 1 Like |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by Nobody: 12:59pm On May 24, 2018 |
The fines emanated from the contractual actions of three previous administrations – the Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan regimes. mynd44 lalasticlala 2 Likes |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by Paperwhite(m): 1:09pm On May 24, 2018 |
The fines emanated from the contractual actions of three previous administrations – the Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan regimes. Nevertheless,this does not mean these fellas will take the heat from the super-clueless of the present useless moribund government. |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by docadams: 1:12pm On May 24, 2018 |
Paperwhite: You forget your routine of posting before reading the content of the post. I am sure OBJ was the initiator of this mess,and of course the buffon having no sense of decency perpetuated it. The calamity that will befall those two living, legendary thieves can only be imagined. God save our president, PMB 4 Likes |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by Lanretoye(m): 1:13pm On May 24, 2018 |
We have the ability to pay... 1 Like |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by BankeSmalls(f): 1:19pm On May 24, 2018 |
We can sell more cows and pay up ![]() |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by Omeokachie: 1:35pm On May 24, 2018 |
We will pay up from the return on investment when the tuscano fighter jets are delivered in 2020. Better still, when that $25b NNPC contract matures. 2 Likes |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by Nobody: 1:42pm On May 24, 2018 |
docadams:Bro, u were right to attack those two but it would be better if u accept that Buhari hasn't done anything to better this issue. Obama reduced the unemployment level when he took over as US president, he didn't lay excuses because excuse breeds failure. That's how u know someone with a heart to make things better. Good leaders come in to change things for the better but when excuses become the order of the day, then I fear that person cannot be termed a good leader. I'm not against Buhari but most of his policies are not feasible in this 21st century. |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by buhariguy(m): 1:45pm On May 24, 2018 |
The jobless intellectually lazy idiotic pigs of Biafra will not see this now, You can't see ffk and reno here. 3 Likes |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by docadams: 1:54pm On May 24, 2018 |
kingkakaone: We are derailing on the thread by your approach. This topic is on how we are in a mess from the ignomy of OBJ and GEJ. On the issue you raised create another thread for us to ventilate on. 3 Likes 1 Share |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by Nobody: 2:06pm On May 24, 2018 |
docadams:No pros bro. One love. |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by SalamRushdie: 2:10pm On May 24, 2018 |
Contractual obligations are a continum as the span of contracts usually cut across different govt tenures the Buhari govt should deal with this instead of playing their usual lazy blame game and if they can't they should shut and watch a new govt do it in 2019 2 Likes |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by anibirelawal(m): 3:06pm On May 24, 2018 |
buhariguy: ![]() |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by SolutionMee: 3:22pm On May 24, 2018 |
f |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by kmaster007: 3:23pm On May 24, 2018 |
and wat happen to d recovery Abacha loot dey received |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by mathinips(m): 3:33pm On May 24, 2018 |
They should do the needful. Check the contractual agreement. See what has been done so far. Query if need be; stop witch hunting and blaming the past. Those who always look back and blame the past for their present with out really learning from it are just without vision and their future is dim |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by doctokwus: 4:43pm On May 24, 2018 |
Paperwhite:You disappoint me! You failed to read the report and jumped straight to inferring that the 3 previous governments had a blame. Buhari a rse lickers too just read 3 past governments and are gloating here,having foolishly felt they have found proof of corruption in past governments. The summary of the case is that there was a contractual agreement,but the past governments couldn't meet up with providing the natural gas for refining to fuel,which was what the whole contract was all about. The company affected then went to court claiming it lost money for the 20yrs it was supposed to run the contract. Of course Obj,YarAdua,GEJ refused to pay such ridiculous court judgement for a contract not executed. Even Lagos state own contractual obligation,guaranteed by the FG,but not also formally executed,was fined on the FG. It would have been easy for the past governments to enrich themselves by settling the judgement,at reduced cost,while coming to Nigerians to show us the authentic court imposed fine.But they refused,all 3.Interests have also accrued,but none of the past 3 has bulged. So that the court judgement still stands unpaid is rather a plus for Obj,Yar adua and GEJ,and all 3 must be commended for not settling such humongous judgement. @paperwhite,please read through posts before commenting,particularly links provided,lest you allow Buhari a rselickers make a fool of you. 1 Like |
Re: Nigeria In Big Trouble As N2.7 Trillion Fine Threatens Collapse Of Economy by Authoreety: 9:52pm On Oct 13, 2021 |
Who dey fine who? |
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