The House of Representatives on Tuesday called on the Federal Ministry of Finance to urgently settle Nigeria’s outstanding debt to the Organisation of African, Caribbean and Pacific States (OACPS) to avert possible suspension from the body.
The resolution followed a motion of urgent public importance moved by Hon. Isiaka Ayokunle Ibrahim. The House also directed its relevant committees to conduct a thorough assessment of the benefits and risks of Nigeria’s continued participation in the OACPS-European Union partnership.
The lawmakers urged the Finance Ministry to expedite the payment of the outstanding €1,119,979.86, as detailed in multiple correspondences, including a letter dated January 20, 2025 (Ref. E.1086/S.2/11/391) from the Federal Ministry of Budget and Economic Planning to the Finance Ministry.
Isiaka, while presenting the motion, highlighted that Nigeria has long been a member of the OACPS—a key international body promoting development cooperation, trade, and diplomacy among member states.
He noted that Nigeria has benefited from numerous development programmes under the OACPS framework, which have significantly supported national development efforts.
He said section 5 of the OACPS Sanction Policy (Areas in contribution), member states are expected to meet their assessed financial obligation promptly to maintain their active participation and avoid sanctions.
He said according to available records, Nigeria’s cumulative assessed contribution to the OACPS stands at EUR1,119,979.86.
He said, despite Nigeria’s substantial engagement with the OACPS, including access to over EUR1.7 billion in development grants and investment funds through the previous OACPS-EU Cotonou agreement (2000 to 2020), Nigeria’s outstanding contribution remains unpaid.
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He said that the failure to remit these dues risks Nigeria’s imminent suspension by the OACPS Secretariat, which could adversely affect our ongoing and future collaborations within the group, adding that such sanctions could undermine Nigeria’s diplomatic standing and reduce our access to critical development resources and partnerships.
He said Nigeria’s continued participation in the OACPS EU partnership holds immense prospects for additional resources, trade opportunities and diplomatic benefits. It is of utmost importance that Nigeria regularise its dues.
He said the federal government needed to act promptly to settle all outstanding contributions to preserve Nigeria’s active membership and participation in the organisation.
He explained that Nigeria’s strategic partnership with the OACPS is vital for our national development agenda. It is therefore crucial to avert sanctions that could jeopardise our standing and access to valuable development resources.