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« 3rd Term: Kure, Akume Opt Out; Fawehinmi warns Obasanjo not to dare | Main | OPC withdraws vigilance services »

December 28, 2005

Row over Nigeria debt repayment

A row has broken out in the UK over a deal to cancel part of Nigeria's $30bn (£17bn) debt to Western nations.

Religious leaders say that although the deal would relieve Nigeria of nearly $18bn in debt, it would still have to repay a further $12bn in coming months.

They said it would be a huge burden for Nigeria which is one of the world's poorest countries despite oil wealth.

But critics say funds available from abroad only benefit Nigeria's rich elite, which cares little for the poor.

The head of the Baptist Union of Great Britain, Rev David Coffey, said debt relief is a matter of justice, not charity.

"We want to secure that debt cancellation. We applaud the UK and Nigerian governments' efforts to secure debt cancellation for Nigeria," he told BBC Radio Four's Today programme.

He pointed out that of the $12bn that would still have to be repaid, "$1.7bn is coming to the UK - and that figure is twice as much as the UK is giving in aid to the whole of Africa in 2005."

The Anglican Archbishop of York and the Muslim Council of Britain are also among a group of religious leaders who have become involved in the debate.

Correspondents say the issue has raised serious questions about debt cancellation, including whether the rich countries have a moral obligation at all to help poor countries which fail to keep their house in order.

Nigeria is the world's eighth largest oil producer, and the largest in sub-Saharan Africa.

Posted by Publisher at December 28, 2005 04:38 PM

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