I have been following postings on Toyin Falola e-group on so-called debt relief or debt forgiveness. Even this appelation has its own implication in international relation.
I guess the e-group is meant for academic discussions. Prof. Toyin Falola has not indicated how we, the people, can make comments to the raging debates on economic mismanagement in Africa and Nigeria in particular. I guess this is deliberate.
I gathered from Bolaji writings that; its makes economic sense to categorize of our debts and prioritize payments over many years instead of lump sum payment OBJ wanted to make.
He further argued that one of the reasons for the huge foreign reserve in the first place is Nigeria neglect of her responsibility in almost every field of our economy. That if one has such a huge foreign reserve (fat bank account) why would creditors not come for debt payments. After all, you are not doing anything tangible with the fat bank account!
I found all the tables interesting whether ?Naples Terms? or otherwise and all the lies a good financial expert could tell by either amortizing from beginning of the year or end of the year. Here and there, USD 2 Billion could hang in the balance.
I honestly have to conclusion that a lot of our men/women in the Nigeria bureaucracy do not have financial sophistication in business environment to deal with this so-called Paris Club. And when you add African inferiority complex in to the mix you will understand what I am talking. For example, it is routine for OBJ Govt to award two contracts for one service. OBJ will sign one and Atiku will sign another. Is that the kind of team you expect to go and sit in front of Wall Street boys who lived in the world of financial shenanigan everyday? I have no confidence in their ability to understand all the tables in your write-ups. The lack of financial sophistication is what led to Nigeria not knowing how much we owed until recently. I bet a further scrutiny of our debt will still turn up some surprises.
At a time when Nigeria has this stupendous wealth stack abroad in the economies of those who doesn?t need it, the Nigerian poor burden is being increased through fuel price increase. It simply means we do not have the skill and expertise for social transformation of our economy.
Also, one unconfirmed report is that OBJ was handed the list of corrupt Nigerians by the so-called Paris Club for prosecution and one can begin to understand the recent travails of Atiku from that perspective. Is it part of OBJ game plan to engineer this revelation to discredit Atiku ahead of 7006 poll? While Atiku deserve no pity it just seems we are being hoodwink by Maradonic Govt.
What other MOU given to OBJ that Nigerian people are not privy to? This question is important because if OBJ accepted in principle to accept the relief for lump sum payment of the remaining debt as being rumored; you can see that your brilliant submission is nailed to ?concrete covered? ears.