THE OBASANJO ADMINISTRATION AND THE CAMPAIGN FOR EXTERNAL DEBT RELIEF FOR NIGERIA
1Sharkdam Wapmuk and 2Damilola Taiye Agbalajobi
1Department, of Research and Studies, Nigerian Institute of International Affairs, Victoria Island, Lagos
2 Department of Political Science
and Public Administration, Redeemer’s University, Lagos Express-way, Nigeria
E-mail:sharksnaw@yahoo.com;
swapmuk@niianet.org;
lola2kid@yahoo.com
ABSTRACT
The paper examines the campaign for debt relief for Nigeria under the Obasanjo Administration. It argues that economic diplomacy of the Obasanjo administration paved way for Nigeria to negotiate for debt relief from her creditors. Nigeria received an entire debt relief amounting to $18 billion, or a 60 percent write off in return for a $12.4 billion repayment of arrears and buyback. Despite the achievement recorded by his administration, the failure by successive administrations to address the problems of integrity and accountability gap has plunged the nation into a new wave of debts, both internal and external. The paper concludes by noting that the vision, focus and determination of President Olusegun Obasanjo was instrumental to change the situation, which debt burden had imposed on Nigeria, by pursuing a diplomatic initiative that led to the achievement of debt relief.
Key Words: Debt Relief, Democracy, Diplomacy, Nigeria, Obasanjo.