The House of Representatives says it will investigate Nigeria’s outstanding debt of 1.2 million Euros to Organisation of African, Caribbean and Pacific States (OACPS).
The News Agency of Nigeria (NAN) reports that Nigeria, like other member-states, is expected to contribute financially to the OACPS budget and various development programmes.
However, reports suggest that Nigeria has struggled to meet these financial obligations consistently, potentially hindering the organisation’s operations and the implementation of projects.
NAN also reports that the decision to carry out an investigation on the outstanding debt was taken, following a motion under matters of urgent national importance moved by Deputy Chief Whip, Ibrahim Isiaka from Ogun, at plenary on Tuesday.
Isiaka said that Nigeria had benefited from over 1.7 billion Euros in development support through the OACPS-European Union partnership since 2020.
He, however, expressed worry that despite Nigeria’s substantial engagement with OACPS, including access to over 1.7 billion Euros in development grants and investment funds through the previous OACPS-EU Cotonou Agreement (2000-2020), the outstanding contribution remained unpaid.
The lawmaker warned that failure to pay the outstanding contribution could attract sanctions and affect the country’s diplomatic and development prospects.
Ruling on the matter, the Speaker, Rep. Abbas Tajudeen, mandated the Committees on Finance, National Planning and Debt Management to review the implications of Nigeria’s participation and liaise with relevant ministries to expedite payment.
NAN reports that the committees are expected to report back to the house in two weeks.
Source: Vanguardngr
