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May 3, 2010

External Borrowing Plan should be published

The people of Nigeria are entitled to the specifics of how we got into debt once more, not just the National Assembly.
It is commendable that the the National Assembly prevailed on the National Executive lead by Ag. President Jonathan to submit a plan for the external borrowing included in the 2010 appropriation bill. This is a good thing, considering that the plan was to explain the implications of the borrowing on the economy. But the fact remains that the contents of the plan are not public. I have searched in various government official public communications to see if this plan is published but it is not.

Like I posted previously (see ) it is bad enough that Nigeria is not enable to sustain its economy based on earnings from its vast resource base, but it is even worse that the country would have to borrow and still fail to deliver sound infrastructure development that is worthwhile.
The specific projects targeted by this external borrowing must be made public. The people of Nigeria are entitled to the specifics of how we got into debt once more not just the National Assembly. My feeling is that with the election coming in a few months time this external borrowing would simply be diverted to fund a PDP lead re-election campaign and the projects expected to be completed would never be executed for another four years from now. The future of the country must not be squandered again by unscrupulous borrowings from the World Bank and IMF etc.
Mr. Goodluck Jonathan and his EXCOF must show real leadership and total commitment to the promises he made in recent times and publish the details of the projects and the specific infrastructure that this loan is supposed to fund. This is called transparency in public administration. I see the public communication portal of the government (see ) but the last time information was updated in this site is (August 27, 2009) about 6 months ago. This external borrowing plan must form part of the documents under this section.
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Amazon.com
The IMF and Economic Development   10 Reasons to Abolish the IMF & World Bank, 2nd ed. (Open Media)  And the Money Kept Rolling In (and Out) Wall Street, the IMF, and the Bankrupting of Argentina  How to Get Out of Debt, Stay Out of Debt, and Live Prosperously: *(Based on the Proven Principles and Techniques of Debtors Anonymous)  One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe 

The battle for Nigeria.(Reporter-at-Large): An article from: The National Interest

Debt Conversion Programme: Another window for investment in Nigeria : papers and proceedings of the First National Seminar on Debt Conversion, 1995, held in Lagos, Kaduna and Port Harcourt

An econometric study of debt overhang, debt reduction, investment, and economic growth in Nigeria (NCEMA monograph series)

 

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