BUHARI TRIED TO COLLECT IMF LOAN....SAME IMF LOAN THAT CAUSED SAP RIOT OF 1988/9. Same IMF that has declared Nigerias economy strong enough to increase our credit line should we choose to borrow. Read Official Documents. By 1985 the debt profile had deteriorated seriously due to persistent inability of the country to meet its external debt service obligations. This resulted in mounting arrears and unmanageable growth of the debt stock relative to available resources. The external debt stock, which was about US$8.855 billion in 1980, grew to nearly US$19 billion by 1985. ...And by the period Shagari left office in 1983, Nigeria was indebted to $14,130.7 million (CBN Annual Report, 1988). Also, under Buhari government; in spite of the fact that the Buhari administration serviced her foreign debts more than other regimes, the IMF, acting through the US blocked the loan application of $1.6 billion which the government of made to Saudi Arabia in February 1984. This yet compelled Buhari’s government to start negotiations with IMF in late February 1984. But after series of discussions, the government publicly criticized the IMF around mid-1985 suggesting a deadlock over possibility of assessing IMF loan (Banguna, 1987). And by the period Buhari left office, Nigeria owed $18,034.1milllion (CBN, op cit). This from ccsenet.org/journal/index.php/jpl/article/viewFile/670/647 citing CBN annual report.
Posted on: Thu, 06 Nov 2014 13:42:04 +0000
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