The House of Representatives on Wednesday set up a 17-man ad hoc committee to invite the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN) and the Minister of State for Petroleum Resources, Chief Timipre Sylva over the $9.6billion judgment debt awarded by a British court.
They are to give situational report on the matter with a view to finding a lasting solution to the issue.
The as hoc committee is headed by Hon. Sada Soli.
The lawmakers will also invite officials of other ministries saddled with the responsibility to negotiate the agreement with P&ID and the prosecution of the matter .
This was sequel to the passage of motion of urgent national importance sponsored by a member of the House of Representatives, Prof. Julius Ihonvbere.
Ihonvbere noted that the judgment debt of $9.6 billion (with daily interest accruing) by a commercial court in the United Kingdom against Nigeria “leaves a very sour taste in the mouth”.
He said for a country with a foreign reserve of only $45 billion and a sovereign debt profile of over $80 billion, the judgment debt is not only punitive but would devastatingly affect the economy.
Following the motion, the House resolved to invite Malami, Sylva and officials of other relevant ministries and agencies.