Leaving The Debt

Nigeria remains one of the most impoverished countries in the world, despite substantial revenues to the government from over 50 years export of petroleum resources. Indeed Nigerians have become poorer and social infrastructure in the country is in state of decay, or has collapsed. On the other hand, as revenues from oil production increased, Nigeria’s attractiveness to predatory external creditors led to major borrowing by successive governments with the resultant huge external debt burden on
the country. All manner of loans were collected from private and multilateral creditors by the federal and state governments during mostly military regimes. And the resultant debt burden meant that substantial amount of oil revenues were expended on annual servicing of accumulated external debts.

This briefing highlights Nigeria’s previous slide into external indebtedness and serves to support the call on Nigerian citizens to act
towards preventing the unconscionable re-acquisition of a burden that would hinder the opportunities of national progress for present and future generations.