Ben Murray-Bruce Reacts As Nigeria Wins $11 Billion P&ID Case

Former Bayelsa East Senator, Ben Murray-Bruce, has hailed the court ruling, which awarded a landmark victory to the Federal Government of Nigeria over Process & Industrial Development (P&ID) Limited.

Naija News earlier reported that Judge Robin Knowles of the Business and Property Court in London ruled in favour of Nigeria and quashed the enforcement of the $11 billion arbitration award in favour of P&ID.

Reacting to the development in a post via his X handle on Monday, the former lawmaker said the court ruling is probably the best economic news Nigeria has had this year.

Murray-Bruce said the landmark judgment is a needed breath of fresh economic air, and all Nigerians should felicitate, as this triumph will free up previously frozen funds.

He, therefore, advised the Nigerian government not to use the money that may soon be available to defend the Naira, adding that the fund must be used more judiciously for tangible infrastructural and economic development.

He wrote: “Probably the best economic news Nigeria has had this year is the victory in London today over P&ID in their overreach to seize $11 billion from our foreign reserve.

“This is a badly needed breath of fresh economic air, and all Nigerians should felicitate, as this triumph will free up previously frozen funds.

“However, I urge the government to resist the urge to use the money that may soon be available to defend the Naira. The sets of subsidising the dollar so we can buy imported goods should go and go forever.

“Our national resources must now be used more judiciously for tangible infrastructural and economic development. If the Naira must rise, then we must #BuyNaijaToGrowTheNaira.

“There is no other way. Congratulations to all Nigerians and President Tinubu on this victory. And we believe there are many more to come.”