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Tuesday, 20 October 2009 21:37 |
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Nigeria has expended huge amounts from “excess” revenues from crude oil to service and repay a large proportion of its foreign debts. Most of the debts were originally incurred by military regimes and have mostly been stolen by public officials. Though, over the years, more money had been paid to the creditors than what was originally borrowed, the debts continued to rise. However, many Nigerian citizens have not participated actively in the discussions on the management of foreign debts. Social Action organises research and promote citizens debate on public debts. The organisation works with other citizens groups to campaign for a moratorium on new foreign loans by the government and people of Nigeria.
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Last Updated on Tuesday, 20 October 2009 21:57 |