$11bn P&ID debt: Tinubu elated by UK court judgment – Minister

Mohammad Idris, the Minister of Information and National Orientation, has said that President Bola Tinubu was elated by the United Kingdom court’s reversal of $11 billion awarded against Nigeria.

Idris stated this while answering questions from the state house correspondents at the end of the weekly Federal Executive Council (FEC), held at the Presidential Villa, Abuja, on Monday.

He said, ”Let me reiterate that Nigeria actually saved $11.6bn by that singular judgment. You recall that this isn’t a case that was instituted against this administration.

”It is against the Federal Government of Nigeria over the years. The government of President Bola Tinubu inherited it but dealt with it judiciously and expeditiously. It ensured that all legal mechanisms were put in place to get us to win that case.

”So, it was actually a very delightful moment during the Federal Executive Council meeting when the news filtered in that Nigeria had indeed won this case. And of course, as expected, the President was very elated.

”So also were members of the Finance Council. We are all very happy that that news filtered in and this is one direction that Mr president is going, ensuring that things are dealt with expeditiously, responsibly and with utmost responsibility.”

Recall that a Business and Property Court in London presided over by Justice Robin Knowles of the Commercial Courts of England and Wales, had over the weekend quashed the $11 billion awarded against Nigeria in a case filed by the Process and Industrial Developments Company (P&ID).