Recently Nigeria
paid a sum of $12billion to the Paris Club, thus cancelling
its foreign debt. The fact that through the servicing of the debt,
Nigeria had already paid back more than it has borrowed is
conveniently skipped over. Those $12bn could have been used to
improve the miserable lives of most Nigerians.
Pensions have
been privatised, 92% of Nigerians are living on less than $2 per day,
the interest rate stands at 36%, the (official) inflation rate at
15%, millions are either unemployed or not gainfully employed, life
expectancy stands at 45 years, annual per capita GDP at $200 and
incredible sums of debt hang over the head of the poor. There is no
way out on the path of capitalism.