MEDIA Adviser to former Vice President and presidential candidate of African Democratic Congress (ADC), Alhaji Atiku Abubakar, Mr Paul Ibe, has queried the Federal Government’s framework agreement with United States on Nigeria’s mineral sector.
In post on his verified X handle, on Tuesday, Ibe said agreement which the government estimates to be about $700 billion, needs more clarity.
He claimed that the figure is the estimated value of Nigeria’s mineral resources, not investment by United States.
“Let us first clear up one misleading impression: this is not a $700 billion investment by the United States.
The $700 billion figure is the estimated value of Nigeria’s mineral resources,” he said.
Ibe warned that for resources potentially worth hundreds of billions of dollars, Nigerians deserve more than photographs, handshakes, speeches and press releases.
He asked what exactly Nigeria has committed to, which minerals are covered, whether American companies will enjoy preferential access, what geological data Nigeria will provide and who owns data generated from exploration.
He also queried whether there are tax concessions, guarantees or preferential fiscal arrangements, whether minerals must be processed in Nigeria or can leave as raw materials, what binding provisions guarantee Nigerian jobs, local content, technology transfer and value addition, and how disputes will be settled.
Ibe asked whether there are annexes, side letters or implementation agreements not shown to Nigerians.
He raised concern over National Assembly scrutiny, asking whether the Senate and House of Representatives have been furnished with complete document and whether relevant committees on solid minerals, treaties and agreements, finance and appropriations have scrutinised provisions.
“The National Assembly is not a spectator. Section 12 of the constitution provides that a treaty with another country cannot have the force of law in Nigeria unless enacted by the National Assembly. Sections 88 and 89 also give the legislature important investigative and oversight powers,” he said.