Debt: Masari Solicits Australia's Understanding
From Ahamefula Ogbu in Abuja
Speaker of the House of Representatives, Alhaji Aminu Bello Masari, yesterday solicited the assistance of Australia in ensuring that creditor clubs and nations allow Nigeria to pay back principals of sum borrowed than the present arrangement whereby the country spends many years just servicing the interest.
Masari, who spoke when the Australian High Commissioner, Mr. Ian Duckie, paid him a visit, explained that once there was inability to attend to the needs of the electorates in a democracy, then the democratic process would be in jeopardy.
According to him, there should be an understanding for the country to pay back the principal of the sums borrowed and thereafter, negotiate the interests as a means of giving respite for the development of the country.
He blamed the advent of the military in governance for the problem, saying though it was peculiar to Nigeria as in other African countries like Egypt, their military helped develop the nation unlike Nigeria.
"Our debt is huge and we are apprehensive of it. We are prepared to pay our debt but let us know the principal and then negotiate the interest. A situation you borrow 10 and after servicing for between 10 to 20 years you owe 30 is unacceptable. While not blaming everything on the debt, the debt issue is part of it.
"If you help Nigeria on the debt, it touches on the entire African continent because everything is tied to the Nigerian economy in Africa, that is why when Nigeria sneezes, other countries are hospitalised," he said.
He said the only way out was for advanced democracies to canvass for understanding on the Nigerian debt issue since it accentuates the poverty problem of the economy.
Masari advised Australia to work more closely with states and local governments since those are where the populace are more and ought to attend to the needs of the grassroots, which is the hallmark of good governance.
He lamented that there was palpable poverty in Nigeria not due to lack of resources but due to mismanagement of past leaders, most of them military, adding that both countries shared a lot in common.
The High Commissioner, noted that he was on a visit to democratic institutions in the country but promised to help Nigeria in whichever way they could saying with Masari that both countries had a lot in common.
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