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Sad return to broken chains (3) - Vanguard News

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Sad return to broken chains (3)
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By Eric Teniola
The second part of this piece published last week highlighted the nation-wide celebration that followed the granting of $20 billion debt relief to Nigeria in 2005.
THE four states are among the richest states in the country. I grew up in an age that insists that he who goes a-borrowing, goes a-sorrowing. It was an idiom used by the American Nationalist, Benjamin Franklin (January 17, 1706-April 17, 1790).
Borrowing makes our lives unfortunate, but we are the ones who borrow, so we face problems simultaneously. To borrow means ‘to take and use something that belongs to somebody else, and return it to them at a later time. Does this action lead to unpleasurable consequences? Borrowing is a doomed cause. ....

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Sad return to broken chains | Tribune Online

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In June 2005 we were so ecstatic in celebrating the debt relief offered us, a relief of over $20billion dollars, which was beyond the total revenue of Nigeria for one year.
So happy were we that President Olusegun Obasanjo, GCFR, had to make a broadcast to the nation on June 30, 2005. He followed the broadcast by appearing before the joint sitting of the National Assembly on July 26, 2005 to speak on the issue. In the broadcast, he declared, “How did we work to get out of this debt quagmire? We did it by resolving and working hard to break with the past; by identifying new voices and new leaders; and by rejecting business as usual and voting for new values of accountability, transparency, fair competition, social justice, and the upliftment of the living standards of Nigerians. We revamped our institutions and put in place an economic agenda that reduced the role of the state in the economy while strengthening the place and role of private investors. We mounted a v ....

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Nigeria: the Sad Return To 'Broken' Chains, By Eric Teniola

Now we are in a dilemma over our debt profile. I am sure we are not expecting another debt relief ....

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