The union of the 36 state governors of the federation under the banner of the Nigeria Governors’ Forum (NGF) on the 30th of March, 2022, has filed a fresh appeal case against the federal government in response to the recent court judgment which rejected their lawsuit challenging the FG over a planned subtraction of $418 million from the Federation Account, leaving the FG in a fresh court battle.
As stated, the deduction of the sum of $418 million from the Federation Account was meant to have been used to settle debts owed by consultants engaged by the state and local governments on the Paris Club refunds.
The Paris Club is an informal group of creditor nations that meets each month in Paris with the goal of finding practical solutions to payment problems faced by “nations swimming in debt”. According to The PUNCH, the Paris Club became became popular in Nigeria in 2005. They provide funds to debtor nations and focus on means through which those country’s debt would be cancelled.
The appeal came after the governors were ruled against by Justice Iyang Ekwo of the Federal High Court in Abuja, for the reason that the court was not tendered enough evidence to rule the case in favour of the governors.
The governors’ attorneys-general also advised Nigerian financial institutions, as well as, the international public to desist from engaging in business deals and transactions with the defendants in the lawsuit, as listed in the statement.
Article’s Content Sourced From: tribuneonlineng.com
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