Nigeria recently paid huge sums of money to some of the richest countries. UK organisations which are members of the Jubilee Debt Campaign are urging the UK government to return its share of this money to Nigeria to fight poverty. Nigeria made a huge payment of $12.4 billion (£7 billion) to the wealthiest countries in the world. The payments, received between January and April 2006, were more than the debt deal agreed by the ‘G8‘ in 2005. The UK share is £1.7 billion, one quarter of the total. According to ‘DFID‘( Department for International Development) figures, this amount could save 4.2 million lives if spent on fighting poverty.
The payment come as part of a significant and long overdue debt cancellation deal. The Paris Club creditors agreed an otherwise momentous cancellation of $18 billion of Nigeria’s debt, but as part of the terms of the deal, the remaining $12.4 billion was paid off upfront. Nigeria is believed to have funded the payment using money earmarked for fighting poverty and securing the economy against shocks. This money came from the windfall gained from high oil prices. Nigeria had already repaid more than it originally borrowed. The current huge debt was built up through huge fines and interest on arrears, besides which, many of the original loans were dubious. Campaigners internationally are calling for Nigeria’s money to be returned. This includes organisations in Nigeria, the UK and other creditor countries; US congressmen; belief leaders such as Archbishop Tutu; economists including Professor Jeffrey Sachs; and grassroots campaigners; all argue that these ‘debts’ are not legitimate.
This is briefing according to Jubilee Debt Campaign, includes organisations such as ActionAid International Nigeria, CAFOD, Christian Aid, New Economics foundation, Oxfam GB, World Development Movement.
via http://www.jubileedebtcampaign.org.uk/;
Tags: Nigeria, United Kingdom, G8, Paris Club
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