“Our political leaders have suddenly developed not just a taste for, but a voracious appetite for debt,” Obasanjo began. He, as president, spearheaded the journey to debt relief in the early 2000s, the reason he shivers at the country’s seeming relapse into a debt burden. “We cleaned up by establishing a central debt management office while embarking on seeking debt relief. Because we demonstrated leadership and commitment through self-imposed reforms, we were able to secure debt relief from the Paris Club. Warning against “impending bankruptcy,” the former president said the country’s total external debt was about $10.32 billion in 2015.

Source: The Guardian December 29, 2019 05:03 UTC