opinion
By Henry Boyo
Barely eleven years ago, Nigeria was compelled by pressure, from International creditors, particularly the London and Paris club, to ‘voluntarily’ part with almost $12.4bn allegedly owed, so that another $18bn debt could be written off, from the country’s total external debt of about $30bn.
Notably, the debt write-off was, primarily, the product of pressure from civil society groups, such as the Jubilee Debt Campaign, committedly led by one, Trishia Rogers. Regrettably, while countries, like Ghana and Zambia with similar debt overhang got 100% debt relief, Nigeria, with a more formidable array of celebrated negotiators received 60% of the so called “debt forgiveness”.
Notably, by 2005, the cost of refinancing…
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