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The Phantom of Debt Relief: a Historical Dimension (3).
(From Vanguard (Nigeria) - AAGM)
Byline: Chijioke Nwankwo
AT the end of the G-8 meeting, some measure of debt cancellation was announced for some Highly Indebted Poor Countries (HIPC) of Africa and the Pacific. Nigeria was conspicuously omitted and excluded from this debt cancellation. Less than two weeks after the G-8 meeting, Nigerians woke up to the news that the Paris Club had granted debt relief to Nigeria to the tune of $18 billion. And the praise-singers went to town with their gongs and cymbals. The revelry has continued unabated.
It has since been established that what we have is only an "understanding to enter into an agreement for a comprehensive debt treatment." There is no debt relief yet. Our spotlight-chasing Finance Minister has been all over the place dancing around that a bundle of pure magic has been …
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