OBASANJO’S JOY OVER DEBT RESTRUCTURING

PRESIDENT Olusegun Obasanjo has welcomed the decision by the Paris Club of creditors to restructure Nigeria’s foreign debt as a victory for his diplomacy. Foreign governments agreed to reschedule payments due on $21bn in debt arrears and to offer concessions in interest and loan repayments of $2.4bn due between August 2000 and July 2001. Since taking office in May 1999 after 15 years of corrupt military rule, Obasanjo has been canvassing foreign governments and multilateral agencies for relief of Nigeria’s $31bn foreign debt. – Reuters