The House of Representatives Committee on Treaties, Protocols and Agreements has announced a major initiative to thoroughly review all bilateral and multilateral treaties, agreements, and Memoranda of Understanding (MoUs) signed by the Federal Government with foreign partners, citing risks to national sovereignty, escalating debt, and hidden financial obligations.
Committee Chairman, Hon. Rabiu Yusuf, made the disclosure on Wednesday during a press briefing at the National Assembly Complex in Abuja.
He emphasised that over the years, Nigeria has entered into numerous international agreements without adequate legislative oversight, proper domestication, or ongoing monitoring, exposing the country to significant vulnerabilities.
"Poorly negotiated or weakly supervised agreements can weaken our economy, increase public debt, and in extreme cases, threaten strategic national assets," Yusuf stated.
He highlighted concerns over clauses in some agreements that include hidden obligations, sovereignty waivers, unfavourable arbitration provisions, and unsustainable financial commitments.
The review will focus on key sectors including infrastructure, finance, power, transportation, ICT, aviation, ports, environment, and security.
Particular attention will be paid to foreign-funded contracts, assessing them for value-for-money, loan exposure, local content compliance, contract performance, and adherence to environmental and labour standards.
Yusuf noted that the committee has engaged management and technical consultants to provide forensic, legal, financial, and technical expertise. He assured that the panel is equipped to handle agreements in foreign languages, stating, "As far as Nigeria’s interest is concerned, we will go the extra mile to scrutinise it."
The exercise aims to enforce Section 12 of the 1999 Constitution, which requires legislative domestication of treaties, promote transparency, strengthen Nigeria's negotiating position, and recommend a national framework for ongoing treaty oversight and digital tracking.
"Nigeria cannot afford treaties that weaken our legal authority, compromise national assets, or burden future generations with unsustainable liabilities," Yusuf added.
"Our goal is to ensure Nigerians benefit from international partnerships, not become victims of them and that Nigeria never signs what it cannot defend."
This move comes amid heightened calls for accountability in international dealings, as the country navigates economic challenges and seeks to safeguard its interests in global engagements.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com