The Governor of Nasarawa State, Governor Abdullahi Sule has reflected on a significant financial decision made during former President Olusegun Obasanjo’s tenure when Nigeria faced a staggering $30 billion debt to the Paris Club and London Club.....CONTINUE READING THE ARTICLE FROM THE SOURCE
He revealed how Obasanjo was presented with a deal to pay $12 billion to have the entire debt wiped out, a decision which he lauded as one of the most beneficial actions taken by the former president for the nation. He compared this historic debt relief to the loans currently being offered by the World Bank to the Nigerian states. He clarified that these loans are intended to support the post-Covid era, emphasizing that the World Bank, similar to the creditors during Obasanjo’s time, is dictating the specific projects and areas where the funds must be allocated.
He said in an interview
with Channels TV from 17:45, ”When Obasanjo was in office, Nigeria was owing Paris Club and London club about $30Bn and Nigeria had about $42Bn in foreign reserve. Obasanjo was asked to make a deal, pay 12 billion dollars and then everything will be wiped. And that was one of the best thing that President Obasanjo had done for this country.
The 12 billion dollars was paid and everything was wiped out. So these are the kind of loans that everybody is hoping is coming from the World Bank to the State. This loan is purely because the World Bank intend to support the Post Covid Era. And they are the ones identifying where the money must go. The direction for repayment is not even stated yet. It’s a credit facility for now.”….
