- Origin of Nigeria's Debt
- Quest for Debt Relief
- Paris Club Debt Deal with Nigeria
- Benefits and Achievements of Millenium Development Goals
- Debt Relief and Attainment of Millennium Development Goals
- The Benefits of Debt Relief
- Delivering the Dividend of Debt Relief to the People
- Debt Relief Quotes: Nigerians Celebrate
- Newspaper Articles
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“This, debt relief offered to us, I am pleased and proud to say is the direct product of our relentless and persistent endeavour over the past six years. What we have achieved now is worth celebrating because what we will expect at the end of the exercise will be close to a relief of $20 billion which is well beyond the total revenue of Nigeria for one year”.
PRESIDENT OLUSEGUN OBASANJO ADDRESS TO THE NATION ON DEBT RELIEF FOR NIGERIA BY THE PARIS CLUB June 30, 2005 “…It has been a tough and rough struggle but we thank Almighty God that today we can look back and feel proud that we did not get discouraged, diverted, intimidated, or forced to lose sight of our goals.”
PRESIDENT OLUSEGUN OBASANJO BRIEF TO THE NATIONAL ASSEMBLY ON CONFAB AND DEBT RELIEF FOR NIGERIA BY THE PARIS CLUB July, 26, 2005 “The recent debt relief extended to the country by the Paris Club was another indication that the country's economic reforms were working”
PRESIDENT OLUSEGUN OBASANJO Daily Independent, Thursday, July 7, 2005, Page A3 “There is nothing like freedom-freedom from debt and the image that the debt relief and exit from Paris Club debt give to Nigeria . The debt relief has brought benefits to Nigerians and that it first represents a direct saving on debt-service repayment, interest, surcharges and other fees. It also improves the country's worthiness in the global community and builds credible financial confidence for transactions. More investment would start to flow into Nigeria knowing we are no more classified as a bad and doubtful debt country. The debt relief is expected to create jobs and new wealth with new investments, which would translate into improved standard of living”
PRESIDENT OLUSEGUN OBASANJO The Comet, Friday, July 22, 2005. “It has become increasingly obvious that efforts towards the achievement of the MDGs cannot be separated from the issue of granting substantial debt relief”.
ALAHJI ATIKU ABUBAKAR (TURAKIN ADAMAWA) VICE PRESIDENT, FEDERAL REPUBLIC OF NIGERIA “While we delight at the tremendous goodwill of important global leaders towards our aspiration for an earlier exit from severe indebtedness, we are not unmindful of some persons, who, for their own personal or group strategic interests, would want Nigeria to continue to lumber under the dead-weight of debts”
SENATOR KEN NNAMANI PRESIDENTOF THE SENATE The Guardian, Wednesday, July 27, 2005 “As we settle down to business, I am sure we should be elated at seeing the gains of some of our past and recent efforts already bearing fruits. The most recent is the decision of some of Nigeria 's creditors under the Paris Club to write off over $18 Billion of our foreign debt, amounting to 60 percent, with a further promise to increase the stake to 67 percent”
HONOURABLE AMINU BELLO MASARI SPEAKER, HOUSE OF REPRESENTATIVES Tribune, Wednesday, July 20, 2005. Page 12 “Let's hope that no government will ever again commit the future generation to such heavy burden of debt”
GEN. YAKUBU GOWON (RTD) FORMER HEAD OF STATE “ I listened with pleasure last night to the news that the Paris Club of Nigeria's creditors, has agreed to forgive Nigeria's debt to the tune of US$18 billion or about 60 percent of the total indebtedness. This is obviously a welcome climax to your six years of unrelenting and persistent struggle for forgiveness of Nigeria 's debt which had hung as a heavy burden on the country's shoulders impeding her full economic and social development”
DR. ALEX EKWUEME SECOND REPUBLIC VICE-PRESIDENT Vanguard, Monday, July 18, 2005. Page 10 “ The debt relief will now provide the Federal Government and the state enough funds to embark on viable development projects with direct bearing on the citizenry. I am totally not in support of the Federal and state governments hence forth going for foreign loans for a project that can never see the light of the day in addition to projects that are not viable or those that cannot bring economic gains”
ALHAJI MOHAMMED DANJUMA GOJE EXECUTIVE GOVERNOR - GOMBE STATE Daily Independent, Friday, July 15, 2005. Page A5 “It was a reflection of the confidence of the members of the Paris Club in your leadership; in your pronounced determination to rid our country of the cankerworm of corruption and in your commitment to the sustenance of democracy in our country”
GOVERNOR ABDULAHI ADAMU EXECUTIVE GOVERNOR - NASARAWA STATE Thisday, Saturday, July 30, 2005 “This great and singular achievement will reduce the debt servicing burden on the National Treasury, thereby translating into the availability of more financial resources that could be channeled into vital areas such as education, health-care delivery, agriculture, water and power supply.”
OTUNBA GBENGA DANIEL EXECUTIVE GOVERNOR - OGUN STATE Thisday, July 28, 2005 page 48 “The decision of the Paris Club to cancel our debts is one of the salient achievements of your administration. It is equally the result of your concern, commitment and dedication towards the goal of creating a new social order in Nigeria .”
GOVERNOR OLAGUNSOYE OYINLOLA EXECUTIVE GOVERNOR OSUN STATE Thisday Thursday July 28, 2005 page 48 “The debt relief has brought succour to the economy and I will advise that the funds should be judiciously utilized for the benefit of the citizenry”
ALHAJI BUKAR ABBA IBRAHIM EXECUTIVE GOVERNOR - YOBE STATE The Comet, Wednesday, July 27, 2005. “ Imo State has been paying through its nose for loans taken by previous administrations. It will therefore not be out of place to say that Imo is a beneficiary of the recent debt relief granted Nigeria by the Paris Club”
CHIEF EBERE UDEAGU DEPUTY GOVERNOR, IMO STATE “ The fact that we have this debt reduction and we will be able to pay-off the balance of whatever is left will leave Nigerians free, to start on a new slate I mean it will be like a second independence, a rebirth, if you will, given us the freedom to focus squarely on our economic activities. It means that generations who would have been paying these debts in future will not have to pay it. And I think that is something that our children will appreciate and thank the President and thank the team and thank every one who has contributed to these all”.
DR. NGOZI OKONJO-IWEALA HONOURABLE MINISTER OF FINANCE NTA Live Network Programme, June 30, 2005
“ We did not get debt relief because of compassion. We got debt relief in the first instance because we proved that the money that we get from oil is not enough to cover all our needs, we are now using our money better, we had an economic reforms programme that everyone in the world has lauded and we also showed that we are fighting corruption”
MALLAM NASIR EL-RUFAI MINISTER IN THE PRESIDENCY & CHAIRMAN FCDA “I was delighted yesterday to receive the news of the debt relief granted to Nigeria by the Paris Club. I wish to thank the creditors for this endorsement of Nigeria 's democratic governance. As I told them repeatedly, ‘Fine words are not enough. Nigerians want action; and we want action now!' We thank them for listening to the pleas of the Nigerian people, and acting now!”
SENATOR UDOMA UDO UDOMA CHIEF WHIP OF THE SENATE , LEADER OF THE NATIONAL ASSEMBLY TEAM ON DEBT RELIEF July 1, 2005 “This is the only thing that has meaning to the common man. The people do not know how the nation came to owe foreign countries and institutions such a staggering amount of money. The only thing is they know was that their condition of living had nose–dived considerably. The debt relief would provide the government the best opportunity to make considerable changes in the lives of the citizens. Also those criticizing the relief terms should beware of the consequences of unwarranted criticism.”
CHIEF SUNDAY FAJINMI , FORMER SENATOR REPRESENTING OSUN –WEST SENATORIAL DISTRICT IN OSUN STATE , Punch, Friday, July 29, 2005 “ We congratulate Mr. President of the Federal Republic of Nigeria and the distinguished President of the Senate on the debt relief we got. It was quite a big campaign and we think we are getting there. We have a few ideas on how to meet some of the conditions stipulated by the Paris Club for the debt relief”
ENGR. HAMMAN TUKUR CHAIRMAN, REVENUE MOBILISATION, ALLOCATION AND FISCAL COMMISSION (RMAFC) Guardian, Thursday, July 21, 2005. “The real gain of $18 billion debt relief granted Nigeria by the Paris Club is the generation of economic activities in the private sector of the country. With this development, Nigeria could now experience new improved and greatly enhanced private capital flow into the country”.
AMBASSADOR ISAAC ALUKO-OLOKUN SSA NEPAD (EXTERNAL) Thisday, Sunday, July 17, 2005. “ Contrary to what the critics say, this debt relief calls for celebration. This has paid for the efforts of the executive arm, legislature and well-meaning Nigerians who have canvassed for unconditional cancellation of Nigeria 's debt. It calls for celebration because there were people who never thought that this campaign would yield results. In fact, many thought it was a dissipation of energy, arguing that Nigeria was a rich country where corruption reigns”
HONOURABLE FAROUK LAWAN CHAIRMAN HOUSE COMMITTEE ON FINANCE The Guardian, Thursday, July 14, 2005. Page 72 “ We need to work out the implications of this debt relief and how it will affect the people we represent and to draw up a marshal plan based on the gains”
HONOURABLE JOHN AGODA The Punch, Thursday, July 21, 2005. Page 9 “The action of the Paris Club is an encouraging signal that will bring Nigeria out of the burden which debt servicing and rescheduling had imposed upon the country and its people”
HON. KAYODE AMUSAN MEMBER, HOUSE OF REPRESENTATIVES Nigerian Tribune, Wednesday, July 27, 2005 “On behalf of the honourable members of the Imo State House of Assembly, I heartily Your Excellency, for your exemplary leadership and dogged struggle for debt reduction for our beloved country, which has culminated in the Paris Club slashing off $18 billion from the $30 billion we owe. We are proud of you.”
HONOURABLE KELECHI NWAGWU SPEAKER IMO STATE HOUSE OF ASSEMBLY Thisday, July, 28, 2005, page 48 “ Judging from general public's reaction to news of the debt relief, it is clear that the nation is grateful to you (Mr. President). Now that this relief has come, Mr. President, the Nigerian citizenry are going to be looking forward to improved social services you have already identified”
OMO N'OBA EREDIAUWA OBA OF BINI Thisday, Monday, July 18, 2005. Page 2 “I join other Nigerians in congratulating you on the success you have achieved in respect of obtaining debt relief for our dear country. Your unrepentant penchant for pursuance of all that is good for Nigeria will undoubtedly ensures that your name is written in gold the annals of this great country.”
OBA RILWANU AKIOLU I OBA OF LAGOS Thisday July 28, 2005 page 48 “The $18 billion debt relief, if properly used could translate into massive gains for poverty”
Cardinal Anthony Olubunmi Okogie The Guardian, Tuesday, August 02, 2005 page 5 “The debt relief granted Nigeria by the Paris Club has been described as an answer to the prayer of saints in the country. If Nigeria as a country can receive debt forgiveness from her creditors, then it means individuals who will live right, God should also expect miracles in their lives as Nigerians”
REV. DR. WILSON BADEJO GENERAL OVERSEER FOURSQUARE GOSPEL CHURCH Daily Times, Tuesday, July 19, 2005. “For the President, the momentous offer to Nigeria by the Paris Club at the conclusion of its meeting on June 29 was a fitting and happy conclusion to the great personal effort he had put, over the past six years into achieving significant debt relief for the country”
MRS. OLUREMI OYO SSA TO THE PRESIDENT (Media and Publicity) Daily Trust, Friday, July 22, 2005. “Let us all give the President his due. He has done exceedingly well for our country and all of Africa on this matter of debt relief and the greatest tribute Nigerians can pay him in this regard is to ensure that he receives our total and complete support to finalize the deal with the Paris Club and take the burden of foreign debt off our collective shoulders for all time”.
MRS. OLUREMI OYO SSA TO THE PRESIDENT (Media and Publicity ) Thisday, July 17, 2005 “The $18 billion written off Nigeria 's debts which is almost two third of the nation's total debts, could be the largest ever debt write–off by the Paris Club. The debt relief package should help the country's goal of reducing poverty by making available some one billion dollars of debt service payment for improvement in social services including health and education. The comprehensive debt treatment, if fully implemented, has significant implications for debt sustainability, ongoing economic reforms and poverty reduction efforts, as well as removing the debt overhang, which has created uncertainty for private sector investment in the country”
ALHAJI MANSUR AHMED DG, NIGERIAN ECONOMIC SUMMIT GROUP (NESG) Nigerian Tribune, Thursday, July 14, 2005. Page 11 “As we celebrate this historic achievement, we urge you to put in place strategies that will lead to the complete payment of our remaining debts if possible within the next 18 months so that we can celebrate the Christmas of 2006, for the first time in several decades, as a debt-free nation, and enter 2007 with our heads high”
ALHAJI LATEEF OWOYEMI ICAN PRESIDENT The Punch, Friday, July 22, 2005 “Mr. President, all Nigerians and generations to come will not forget the sacrifices you have made and continued to make to turn around not only our depressed economy, but also our unstable political landscape. The decision of the Paris Club to grant the relief is a good and welcome reward for the political pains you might have personally experienced from critics in the past six years and vindicated the viability of your economic reform agenda.”
MR. CHARLES UGWU PRESIDENT, MANUFACTURERS ASSOCIATION OF NIGERIA (MAN ) The Guardian, July 6, 2005 Page 56 “Let me tell you the debt relief is one of the best things that have happened to this country. Many people say we don't owe the money but if you owe a bank you cannot tell them I don't owe you, they will keep coming after you and you cannot be left alone. In fact, if the government of Nigeria can from this excess oil money offer $12 billion to the creditors, they will cancel the rest. And if we are able to clean up, then we will not be spending too much of our income to service the debt. If we spend about 60 per cent of our budget money for health and welfare then we have a healthy citizenry. I think that any government that is worth the salt must show that the health of the people, the education, security must be given priority.”
DR. SONNY FOLORUNSO KUKU PARTNER, EKO HOSPITAL & EKO HOTELS Thisday, Saturday, August 13, 2005. Page 43 “The benefits of this singular act, particularly with regards to the development of the economy are immense. Our nation, Nigeria is at last credit worthy. This is probably the greatest dividend of democracy for all Nigerians.”
DR. CECILIA IBRU MD OCEANIC BANK PLC Thisday, July 2, 2005 page 48 “NLC is proud to be part of the process that has led to this fundamental progress. Specifically, congress has been part of the global trade union coalition that has consistently offered support, encouragement and legitimacy to the African Commission. The struggle for debt cancellation has created a national movement involving diverse sections of the Nigerian polity such as the House of Representatives, NLC and the civil society. Congress calls on Nigerians to sustain the spirit and vigour of this movement, to enable it influence and oversee the direction to which the accruing savings is deployed”
COMRADE ADAMS OSHIOMHOLE NLC PRESIDENT The Comet, Monday, July 25, 2005 “We are happy that it has happened (i.e. debt relief) and that for the future, the economy should be properly managed. And for people who'd be prodigal with our economy there should be serious sanctions against them. And it should be serious sanctions against them. And it should not just be the kind we would do that we would not be serious about. There should be serious sanctions that would not allow today's leaders put future generation in debt bondage”.
CHIEF FRANK KOKORI AN ENVIRONMENTALIST & FORMER SECRETARY-GENERAL OF NUPENG “ If we genuinely get the debt reprieve, our leaders should immediately pay off the balance through our foreign reserves, before unbearable interest accrue there on”
ASSOCIATION OF SENIOR STAFF OF BANKS, INSURANCE AND FINANCIAL INSTITUTIONS (ASSBIFI) The Guardian, Tuesday, July 19, 2005, Page 53 “ Nigerians deserve to celebrate the tremendous achievements recorded in the debt forgiveness campaign, which President Obasanjo had been conducting in the last few years. Many known and un-known factors must have been considered before the plea to creditor nations for debt cancellation could be heeded”
MR. HARRY NWANA NIGERIAN ASSOCIATION OF SMALL AND MEDIUM ENTERPRISES (NASME) The Punch, Wednesday, July 20, 2005 (Back Page) “The feat had justified President Olusegun Obasanjo's choice of Dr. Ngozi Okonjo-Iweala as live wire of his economic team. She is an epitome of empowerment and advancement and having been given the right opportunity at the right time, she utilized it to the glory of God and the joy and pride of womanhood and Nigeria ”
DR. ELIZABETH BOLERE PRESIDENT NATIONAL COUNCIL OF WOMEN'S SOCIETIES (NCWS) Daily sun, Tuesday, July 19, 2005 “Nigerians are inspired and lifted by this development considering the impetus it will bring to the efforts of this administration to deliver democracy dividends to the citizenry”
BRIG. GEN. MOHAMMED BUBA MARWA FORMER MILITARY ADMINISTRATIOR, LAGOS STATE This day, Saturday, July 30, 2005 “By the action, the President had accomplished one of the major tasks of his administration. The debt relief is a welcome development, saying it was a good reward for the efforts of the administration since it started agitation for the country's debt cancellation”
PRINCE CHIDI CHUKWUANI DEPUTY NATIONAL CHAIRMAN (SOUTH) NATIONAL DEMOCRATIC PARTY Nigerian Tribune, Friday, July 15, 2005. “The National Association of Nigerian Students (NANS) vanguard for the teeming millions of Nigerian students at home and in the Diaspora wishes to extend our warm congratulations to our President, Chief Olusegun Obasanjo. The Hon. Minister of Finance, Dr. Ngozi Okonjo-Iweala and the Debt Management Office (DMO) on your successful outing that has earned not only Nigeria but Africa as a whole, relief from the burden of debts.
The NANS is proud to have believed in the achievability of debt cancellation for Nigeria even when skeptics continuously hammered that it was unachievable while some out rightly stated that Nigeria did not deserve and ought not to be granted debt relief in any form” MR. KENNETH ORKUMA HEMBE PRESIDENT, NATIONAL ASSOCIATION OF NIGERIAN STUDENTS (NANS) Vanguard, Wednesday,, July 20, 2005 “We salute the doggedness with which President Obasanjo pursued Nigeria 's debt burden and the landmark success his efforts have yielded with the recent $18 billion debt cancellation by the Paris Club has given out the list of looters of Nigeria 's money to the President. We urge the President to without delay, publish those names and the amount stolen for public knowledge. They should then face the music for their actions too”
COMRADE ZIK GBEMRE NATIONAL COORDINATOR NIGER DELTA PEACE COALITION Thisday, Monday, July 25, 2005 “The consumers of this country are very excited at the thought that this debt forgiveness could mean improved lifestyle for the average Nigerian. We believe that our president's sincere and ultimate desire to make the country a better place will soon come true and therefore, we urge all Nigerians to support all programmes geared towards re-vamping the economy. The government should use the money that would have been used to service the debt to tackle the critical problems of the country.”
MR. CORDEL OKAFOR PRESIDENT, CONSUMER RIGHTS ADVOCACY LEAGUE (CRAL) Business Day, Monday, July 18, 2005, Page 17 “ President Olusegun Obasanjo deserves kudos for this break through in his debt relief campaign with the June 30, 2005 report of $18 billion debt relief for Nigeria by the Paris Club of creditors. It demonstrates the President's indomitable spirit in the face of great odds. He stayed in the course, even with the jeers over his foreign `junkets'. Now critics should be humble enough to admit that in the end, the `junkets' were not in vain”
MR. BISI OLAWUNMI FORMER LECTURER, DEPARTMENT OF MASS COMMUNICATION UNIVERSITY OF LAGOS Nigerian Tribune, Tuesday, July 19, 2005. Page 8 “ The debt relief granted the country by the Paris Club of creditors, is the greatest thing that has happened to us…with the action, it means that Nigeria has left its pariah status among the industrialized world”
DR. UMA ELEAZU ECONOMIC EXPERT Vanguard, Wednesday, July 20, 2005, Page 9 “I only wish those who thought you were wasting your time could summon up enough moral courage to admit they were wrong, and that you have achieved something historic.”
DR. STANLEY MACEBUH Thisday, July 28, 2005 page 48 “It was with tremendous joy that we, in the Nigerian University system, received the great news of the debt relief of $US 18 Billion that has been granted our country, Nigeria , by the Paris Club. We wish to observe that this act of debt forgiveness is sequel to the stringent efforts this country has made in recent times, under your leadership, to tow the path of rectitude in all aspects of its national life, especially in the area of democratic governance.”
PROF. NIMI BRIGGS Thisday, July 28, 2005 page 48 “What Obasanjo, Okonjo-Iweala, have achieved by this debt deal will be a lasting legacy. Yes, I believe we should be committed to getting out of the debt trap.”
MR. CHIJAMA OGBU The Punch, Friday, July 22, 2005. “It was probably only at Independence in 1960 that Nigerians exhibited such jubilation and hilarity as the one witnessed recently following the announcement of the debt relief amounting to about $18 billion or 60% of the total debt overhang of N25 billion owed to the Paris Club. This debt relief was a pay back for the persistent and relentless pleading and appeals by President Olusegun Obasanjo during his numerous diplomatic shuttles round the world in his dual capacity as the chairman of the African Union and the President of the Federal Republic of Nigeria. Therefore with the ray of hope offered by the Paris Club in respect of the recent announced debt relief of about $18 billion, this good gesture should be utilized as a platform for poverty alleviation and economic development. If Nigeria is prepared to put its acts together to utilize the rare window of opportunity opened by the Paris Club, this might become a springboard for poverty eradication and economic development”
MR. JOSEPH OMOWA The Comet, Wednesday, July 13, 2005. “Beyond sentiment if there is any major this administration has achieved, it is this debt relief of a thing. I did not initially believe it could work out for Nigeria because I don't believe that we are among the highly poor countries. We need to appreciate President Olusegun Obasanjo on this. But I want to beg him that he should try his best to ensure that Nigeria is rid off of poverty.
MR. ADESOJI OLUGBENGA Daily Times, Wednesday, July 13, 2005. “Honestly, when I heard about the debt forgiveness, I was so happy to the extent that I know that this is a new dawn. Thought I appreciate what they (The Paris Club) have done but I still want them to do better for us. If they can give 100% debt relief to some countries, I think they should have given us 100% debt relief also. The reason is not far fetched. We champion the cause for Africa . We spend money on campaigning for the rest of Africa countries”
MR. MOSES OLURUNWA Daily Times, Wednesday, July 13, 2005. “Please let the drums sound loudly in celebration of this relief and kudos to the President. No doubt posterity will record this development as a major achievement by this administration”
DR. BONIFACE CHIZEA Daily Independent, Tuesday, July 19, 2005. “…the offered debt exit treatment is a democratic dividend…”
THE GUARDIAN (EDITORIAL) July 14, 2005
RESPONSE OF THE INTERNATIONAL COMMUNITY “The debt reprieve the British government assisted Nigeria in getting from the Paris Club is the beginning of a process to extend debt relief to all countries which need it”.
RIGHT HONOURABLE TONY BLAIR BRITISH PRIME MINISTER "The deal will help to change the lives of millions of people in Nigeria . It will mean more schools, more teachers and better health services for a country which has the biggest population in Africa . The deal is major step in bringing about a better future for a country in which seven million children receive no schooling at all and one in five dies before their fifth birthday”
RIGHT HONOURABLE HILARY BENN INTERNATIONAL DEVELOPMENT SECRETARY – UK “This is the first time the Paris Club would grant such a reprieve to a developing country and that it was very impressive”
MR IDRISSA THIAM, SENIOR RESIDENT REPRESENTATIVE OF IMF IN NIGERIA "This is good news. Nigerians have been paying out in debt repayments nearly six times the amount they received in aid. As home to 1 in 5 Africans, progress on debt in Nigeria is critical to progress on poverty in Africa . This is the first time that a country outside the heavily indebted poor countries initiative is receiving major debt relief. It sets an important precedent. The world has recognized that Nigeria should not be saddled with debt contracted by its previous military dictators, much of it spent on arms”
MS. ROMILLY GREENHILL POLICY OFFICER, ACTION AID " Nigeria has a good record of servicing its external debt. In contrast to the Heavily-Indebted Poor Countries (HIPCs), Nigeria has been meeting its debt service obligations to the World Bank and other multilateral creditors-and to commercial creditors. The Paris Club has demonstrated time and again since its creation fifty years ago an ability to adapt its rules to a changing world. Moreover it now has two new tools to work with: debt reduction in stages for middle-income debtor countries, and buybacks of outstanding debt"
DEBT WATCH UK BASED NGO “Given the developments with the Paris Club and high oil prices, investors are looking more favourably at Nigeria”
MR. MARC BALSTON DEBT STRATEGIST DEUTSCHE BANK, LONDON |