The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, says projected revenues from Oil Prospecting Licence 245 will support Nigeria’s economic planning and strengthen debt sustainability. He made the remark in Abuja following the signing of a settlement agreement between the federal government, Eni, and Nigerian Agip Exploration Limited, resolving the long-running dispute over the oil block.
According to a statement issued by Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, the agreement marks the end of more than two decades of legal battles and international arbitration over the asset. Fagbemi said the breakthrough was made possible after the president directed that all disputes related to the oil block be resolved in the national interest.
Fagbemi explained that the settlement will remove legal and fiscal uncertainties that had slowed the development of the oil field. He added that the resolution will encourage new investments, create jobs and strengthen Nigeria’s position as a major energy producer in Africa.
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The attorney-general said projected revenue from the oil asset can now be incorporated into Nigeria’s medium-term fiscal framework, helping to stabilise government budgets and support long-term economic planning. He also said the negotiated settlement demonstrates Nigeria’s commitment to transparency, rule of law and alternative dispute resolution in international business matters.
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