NIGERIA: US$12.4 billion to world's richest countries

On October 20, Nigeria reached an agreement with the rich, creditor countries of the Paris Club for the cancellation of US$18 billion of Nigeria's US$35.9 billion debt. However, in return, Nigeria had to commit to paying the Paris Club $12.4 billion, mainly to France, Britain and Germany. According to Dr Paul Zeitz, director of the Global AIDS Alliance, "This agreement extracts $12.4 billion from Africa and transfers it to a group of wealthy countries who do not really need the money". Labelling it an "outrage", he pointed out that "The annual budget of such creditors as Japan and the United Kingdom is over 100 times that of Nigeria". He challenged the creditors to redirect the money to Africa's development. "A substantial portion of this sum should be given to the Global fund to fight AIDS, TB and malaria and specified for high-quality health projects in Africa."

From Green Left Weekly, October 26, 2005.

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From GLW issue 646