NIGERIA'S EXTERNAL DEBT MANAGEMENT (1982-1990)? AN APPRAISAL
NIGERIA'S EXTERNAL DEBT MANAGEMENT (1982-1990)? AN APPRAISAL
No Thumbnail Available
Date
1991-09
Authors
UMARU, IBRAHIM GERDARHNEEH
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
ABSTRACT
Nigeria'a external debt problem forioa tho subject matter
of thia study. Because of the sensitivity and delicate
nature of this economic problem to the survival of Nigeria as
an economic sovereign state, the study sterta by identifying
the various perspectives ilrcj which explanation of the world
external debt crisis can be sought, and of course the
implication of approaching the problem from this vintage
position. A critical examination of the causes of the debt
crisis is provided and the conclusion arrived at indicates
that there are both domestic and foreign factors responsible
for this. But of moot oxer ting is the recurrent crisis of
the world capitalist system.
The study then examines the various proposals put
forwa^. by numerous authors and agencies and subsequently
attempts to locate the various debt management policies
adopted in Nigeria within the global debt strategies. Our
analysis leads us to conclude that the various debt policy
measures were premised upon wrong assumption: that the basic
cause of the crisis was faulty domestic policies compounded
by leakages and capital flight.
This however, seems to have provided the justification
for the articulation of structural adjustment programme which
invariably insists on scouting external advice and supervision
to ensure the adoption and implementation of
"appropriate" domestic policies. Unfortunately however,
xi
policy measures euch as overtight austerity programme which
necessarily entails controls on the level of the government
expenditures, controls on the use of domestic credit, the
elimination of subsidies, increases in producer prices for
'agricultural produce, the adoption of the flexible exchange
market, privatisation and commercialisation of public
corporation seem to be pushing the economy further into the
abyss of debt slavery.
The analysis further demonstrates that finance capital
sees the debt crisis Nigeria is facing as an opportunity to
further penetrate and tighten up the country to the
capitalist exploitative stranglehold by first doing away with
all government and trade restrictions and constraints put in
place through the various measures implemented by the country
frits drive for industrialisation especially in the 1960s and
1970s.
Finally, in order to overcome the country's debt
problem, the study recommends an indigenous debt strategy as
well as a reform programme that should be complemented by the
formation of regional/global debtor club and comprehensive
planning.
Description
DEPARTMENT OF ECONOMICS
FACULTY OF ARTS AND SOCIAL SCIENCES
AHMADU BELLO UNIVERSITY, ZARIA.
Keywords
NIGERIA'S,, EXTERNAL,, DEBT,, MANAGEMENT,, APPRAISAL.