The House of Representatives yesterday mandated its Committees on Judiciary and Finance to investigate the failure of judgment debtors and debtors from regulatory audits to pay the Federal Government judgment sums, audit assessments, tax and pension debts.
The committees are to report back within six weeks for further legislative action.
These resolutions followed the adoption of a motion, ‘Investigation into Allegations of Failure of Judgement Debtors and Debtors from Regulatory Audits’, moved by Philp Agbese.
The House noted that the Federal Government faces numerous cases and litigations worldwide, primarily based on monetary claims against counterparties and vice versa.
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It also noted that the government had frequently suffered losses and paid substantial sums in local and foreign currencies to judgment creditors, within and outside Nigeria.
It lamented that the government’s inability to meet judgment debts has negatively impacted the country’s reputation and investment attractiveness. It also said judgment debtors often owe the government more money, which is often kept under wraps, never enforced, and not reported in the news, allowing debtors to continue their normal business.