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Business News of Sunday, 18 September 2022


We’ve played critical role in rescuing Nigeria’s economy from total collapse - Malami

Attorney General of the Federation (AGF) and Minister of Justice in Nigeria, Abubakar Malami has said that the ministry he heads saved the country's economy from total collapse.

Malami who spoke at the maiden top management retreat of the Federal Ministry of Justice held in Kano, said Nigeria's economy would have collapsed if P&ID had succeeded in enforcing an arbitral award of over $10billion.

He also said that several recoveries made by the ministry had also played major parts in keeping the economy afloat.

Malami also told those present that the sum of US$311million recovered funds were deployed into critical infrastructural projects, such as the Abuja-Kano and Lagos-Ibadan expressways, as well as the second Niger bridge.

He said;

“On economic front, we have been able to save our economy from total collapse, which would have been brought about if the P&ID had succeeded in enforcing an arbitral award of over US$10billion.

“We have also ensured the restoration of our country to the path of growth and development through the settlement of the multibillion-dollar adverse claims on the Ajaokuta steel plant.

“Our asset recovery drive has secured the sum of US$322million, which enabled the federal government to embark on empowerment programmes, which have taken over 100million persons out of poverty as part of the national social investment programmes.”