The Greece Fiasco Exposes the Nigerian ‘Debt Cancellation/Forgiveness Hoax’

by Eze Eluchie

Nothing better exposes the fraud played out on Nigeria and Nigerians under the bogus claim of 'Debt Cancellation' or 'Debt forgiveness/Relief' supposedly accorded Nigeria by the London and Paris Clubs and other Bretton Woods institution under the rulership of Olusegun Obasanjo's and supervised under the watch of Ngozi Okonjo-Iweala as Minister for Finance and Coordinating Minister for the Economy, than the present impasse playing out between Greece and its creditor-countries and agencies, particularly the Trioka.

In one fell swoop in year 2005, Nigerians were informed that over US$18 Billion of debts Nigeria was purported to  owe such entities as the Paris Club, the London Club, the IMF et al were forgiven/cancelled on condition that in one fell swoop Nigeria pays the sum of over US$16 Billion. Most of the debts Nigeria was alleged to owe were actually spurious paper transactions domiciled outside the shores of Nigeria and the funds purported to have been loaned to Nigeria, in most cases, never left the vaults of foreign banks and the same ‘creditor institutions’.

A close look at the so-called 'Debt Cancellation' deal reveals it actually deepened our indebtedness and served to mortgage our future. Several States of the Nigerian Federation, who were accused of accumulating the debts that were purportedly cancelled/forgiven, denied ever receiving or soliciting for such debts in the first instance. No efforts were made for a comprehensive verification of these debts before Nigeria was forced to cough out the incredulous sum of over US $16 Billion to the creditor countries and ‘clubs’.

If it had been so easy to accord Nigeria a sweetheart 'Debt Cancellation' deal, why the difficulty in cancelling the debts owed by Greece to these same international financial institutions? Is it feasible that the Trioka and their Breton Woods accomplices would ‘love’ Nigeria far more than they love Greece? Is it possible that these creditor states and agencies would rather ‘save’ Nigerians from ‘economic collapse and not be bothered that Greece and the Greek people were going down?’ Methinks not!

Within a few years of the sweetheart debt cancellation/forgiveness deal, Nigeria was back to worse than where it was before the cancelation/forgiveness.

To believe that some Nigerians were made to hold celebratory Conferences and Seminars, while others danced on streets corners and parties held at official circles to celebrate the debt cancellation merely serves to concretize my description of our erstwhile Finance Minister, Mrs. Okonjo-Iweala as a truly ‘mercurial’ character.

Soon after the sweetheart ‘debt cancellation/forgiveness’ deal, our one and only mercurial ex-Finance Minister, Ngozi Okonjo-Iweala, was rewarded, for a job well done, with an appointment as Managing Director of the World Bank!!

Pictures: Greece Prime Minister and Foreign Minister: Alexis Tsiprars and Yanis Varoufakis and then Nigeria President and his Finance Minister: Olusegun Obasanjo and Ngozi Okonjo-Iweala