(October 25, 2005) Today Nigeria reached an agreement with its largest creditors, grouped in what is known as the Paris Club. The debt had built up over many years, following loans given by France, Germany, Japan, the UK and others to a string of Nigerian despots.
(October 25, 2005) The $18 billion debt relief package granted Nigeria by the Paris Club of creditor nations may have suffered a major setback as the majority of Dutch parliamentarians have opposed moves by the club to write-off Nigeria’s debt.
(October 24, 2005) Debt campaigner Jubilee USA claims threat Nigeria’s parliament earlier year halt foreign debt payments helped pressure rich Western creditors negotiate debt write-off deal worth $18 billion.
(October 22, 2005) Just before Nigeria’s finance minister left the Paris Club meeting, she said: “I do not wish that any Nigerian or set of Nigerians will ever come here to face this again.”
(October 21, 2005) Too little attention is being paid to a problem of which the Niger Delta is a prime example: the long-standing network of corrupt relationships between western governments, rich nation businesses and African elites.
(October 20, 2005) The Paris Club of creditor nations has agreed a debt relief deal with Nigeria worth $18 billion.
(October 20, 2005) Rich Western creditor nations yesterday rewarded determined efforts by Nigeria’s Government to reform its economy and tackle corruption with a write-off of $18 billion of debt.
(October 20, 2005) “Nigeria’s debt write-off at the Paris Club demonstrates the partial success of the Nigerian parliament’s threat to cancel its own debt through repudiation, which helped to force the hand of these creditors.”
(October 20, 2005) “Most Nigerian debt was lent to corrupt dictators by irresponsible creditors. These creditors should now recognize their responsibility and fully cancel Nigeria’s debt.” – Otive Igbuzor, ActionAid country director for Nigeria.
(September 30, 2005) After years of negotiations, Switzerland has finally agreed to repatriate to Nigeria millions of dollars stolen and stashed in its banks by former dictator Sani Abacha.
(September 29, 2005) “Since the debt by President Obasanjo’s own admission, are of dubious origin, the issues of the responsibilities of the creditors must be put on the table during the discussions with the Paris Club in September.”
(September 27, 2005) “We should learn from our past experience by ensuring that we no longer take loans in an unregulated or uncontrolled manner. We believe that the environment is no longer conducive and all that abuse is now in the past.”
(September 16, 2005) Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) fingered four major reasons why corruption caused Nigeria to be rated the third most corrupt country in the world.
(September 15, 2005) Chairman of the Independent Corrupt Practices and Other Related Offences Commission said lack of political will and inconsistencies in implementing anti-corruption measures were major reasons efforts to curb graft in Nigeria had failed in the past.
(September 15, 2005) The debt deal the Paris Club is offering Nigeria is not a relief but an “attempt to relieve us of our resources”.