The House of Representatives has announced plans to investigate Nigeria’s outstanding debt of 1.2 million Euros to the Organisation of African, Caribbean, and Pacific States (OACPS). This decision follows a motion raised by Deputy Chief Whip, Hon. Ibrahim Isiaka, from Ogun State.
The motion, titled “Urgent To Avert the Impending Embarrassment And Sanction Of Nigeria Due To Non-Remittance Of Cumulative Assessed Contributions To The Secretariat Of The Africa, Caribbean And Pacific Group, OACPS,” highlights the importance of settling the outstanding debt.
According to Hon. Isiaka, Nigeria has benefited significantly from the OACPS-European Union partnership, receiving over 1.7 billion Euros in development support since 2020. “Further concerned that such sanctions could undermine Nigeria’s diplomatic standing and reduce our access to critical development resources and partnerships,” he said.
The motion emphasizes the potential benefits of Nigeria’s continued participation in the OACPS-EU Partnership, including access to additional resources, trade opportunities, and diplomatic benefits.
“Convinced that Nigeria’s continued participation in the OACPS-EU Partnership holds immense prospects for additional resources, trade opportunities, and diplomatic benefits, it is of utmost importance that Nigeria regularizes its dues,” the motion stated.
Hon.Isiaka warned that failure to pay the outstanding debt could attract sanctions and negatively impact Nigeria’s diplomatic and development prospects. He urged the Federal Government to act promptly to settle all outstanding contributions to preserve Nigeria’s image.
Ruling on the matter, the House mandated its Committees on Finance, National Planning, and Debt Management to review the implications of Nigeria’s participation and liaise with ministries to expedite payment. The committees are expected to report back in two weeks.
This development underscores the importance of effective debt management and diplomatic relations in maintaining Nigeria’s access to critical development resources. By investigating the debt issue, the House of Representatives aims to ensure Nigeria’s continued participation in the OACPS-EU Partnership.
The House’s commitment to addressing the debt issue demonstrates its dedication to promoting Nigeria’s interests and maintaining its relationships with international partners. With the House’s intervention, Nigeria can potentially avoid sanctions and maintain its access to critical development resources.
