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ABSTRACT


This study examines Nigeria’s external debt and the politics of debt cancellation between 1999 and 2007. The Nigerian president Obasanjo had waged six – years war on debt cancellation. He hard to hire an ex World Bank Official, Nigeria born Ngozi Okonjo Iweala as finance minister to prosecute the
war. In their bid, they joined other several other anti-poverty relief campaigners to argue that the relief is imperative. However, the Paris Club relief deal can therefore be viewed as a major political victory for the administration of president Obasanjo, domestically as well as internationally, (Owen 2005). For
the purpose of our study, our research is guided by the following questions: Did external debt servicing obligation affect debt management options available to Nigeria between 1999 and 2007? Is the debt cancellation conditionality of Nigeria’s creditors between 1999 and 2007 give rise to her recurring debt crisis and finally, did debt management strategies enhance the reduction of Nigeria’s external debt between 1999 and 2007? Moreover, we anchored our study on the dependency theory as our
theoretical framework of analysis. We adopted the qualitative method as our method of data collection.

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TABLE OF CONTENT
Title Page = = = = = = = = = i
Approval Page = = = = = = = = ii
Dedication = = = = = = = = = iii
Acknowledgement = = = = = = = iv
Abstract = = = = = = = = = vi
Table of Content = = = = = = = =
CHAPTER ONE: INTRODUCTION
1.1 Introduction = = = = = = = = 1
1.2 Statement of Problem = = = = = = = 4
1.3 Objective of Study = = = = = = = 5
1.4 Significance of Study = = = = = = 6
1.5 Literature Review = = = = = = = 6
1.6 Theoretical Framework = = = = = = 26
1.7 Hypotheses = = = = = = = = 28
1.8 Method of Data Collection = = = = = = 29
1.8.1 Method of Data Analysis = = = = = = 30
1.8.2 Method of Authentication of Data = = = = 32

CHAPTER TWO:
AMOUNT OF EXTERNAL DEBT SERVICING AND DEBT
MANAGEMENT = = = = = = = =
34
2.1 Background of Nigeria’s External Debt = = = = 34
2.2 How Nigeria got trapped = = = = = = 48
2.3 Debt, Corruption and Oil wealth = = = = 49
2.4 Nigeria External Debt Servicing and its impact = = 51
2.5 Nigeria External Debt Burden and the impact of Debt
Management = = = = = = = 58
CHAPTER THREE:
DEBT CANCELLATION CONDITIONALITIES AND
RECURRING DEBT CRISIS = = = = =
60
3.1 The structure of Nigeria’s Public Debt = = = 60
3.2 The Emergence and structure of Nigeria’s External Debt = 61
3.3 Debt cancellation Status and the Sustainability analysis of Nigeria’s
External Debt = = = = = = = 67
3.4 Nigeria’s Paris Club debt deal and Debt cancellation
conditionality = = = = = = = 67
3.5 Obasanjo’s Address to the nation on debt Relief = = 76

CHAPTER FOUR
DEBT MANAGEMENT STRATEGIES AND REDUCTION OF
NIGERIA’S EXTERNAL DEBT = = = = 81
4.1 Analysis of the Nigerian external Debt policies and
performance = = = = = = = 81
i Pre- SAP Period (1962 – 1985) = = = = 81
ii Structural Adjustment Program (ASP) Period
(1986 – 1991) = = = = = = = 83
iii Post SAP period: (1997 – 1998) = = = = 85
4.2 Nigeria External Debt Creditors. = = = = 87
4.3 External Debt and Debt Crisis management in Nigeria. = 91
4.4 Nigeria Paris Club Debt Rescheduling Trap:
the Nigeria Example = = = = = = 97
CHAPTER FIVE
SUMMARY, CONCLUSION, AND RECOMMENDATIONS
5.1 Summary = = = = = = = = 104
5.2 Conclusion = = = = = = = = 106
5.3 Recommendations = = = = = = = 108
Bibliography.

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