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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here         Daily Independent Online.         * Wednesday, June 16, 2004. No debt relief for Nigeria yet, says US By Bolaji Tunji Deputy Editor (Foreign) and Habib Aruna Assistant Political Editor, Lagos A sigh of relief from its crippling debt amounting to about $30 billion (N4.05 trillion) may be long in coming for Nigeria, as America and other creditor nations are not too predisposed to cancelling the debt. The Economic Counsellor at the United States Embassy, Joseph Gregoire, said Nigeria may have to wait a little longer to have its huge debt reduced or given an immediate consideration. He explained that the Group of Eight industrialised countries are closely watching the reforms introduced by the Federal Government to see how they progress before considering debt relief or debt forgiveness. At a press briefing on Tuesday held at the Public Affairs section of the embassy, he said the G8 decision to cancel the Iraqi’s debt portfolio was a unique case. “Nigeria is not on the same category of countries that could benefit from such concessions,’ he added. “Debt relief discussion between Nigeria and the US might not be on the table in the next six months. Any debt relief must get the assent of all creditors,” Gregoire said, noting that what will help is if the money realised from the debt relief is diverted to welfare programmes. He explained that debt relief can be offered on the basis of the agreement of the Paris Club group of creditors.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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