Total expenditure ₦1.81tn. The Paris Club agreement of October 2005 (negotiated by Finance Minister Ngozi Okonjo-Iweala) wrote off $18bn of Nigeria's $30bn debt and the balance was repaid in 2006. Excess Crude Account (ECA) institutionalised.
Debt Relief2005· ₦1.8tn· Chapter I · Money
Appropriation Act, 2005
₦1.8 trillion. Paris Club exit completed in October — $30bn debt cancelled / paid down for $12bn cash.
Sources
- · Appropriation Act 2005
- · DMO Paris Club Exit Document (2005)
What it cost — political & economic reality
The political and economic reality
Nigeria in 2005: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.
President · Fourth Republic
Chief Olusegun Obasanjo
1999–2007· PDP
National reality
Return to civilian rule, 29 May 1999. Telecoms deregulation (2001) — GSM revolution. Paris Club exit, October 2005 ($30 bn debt relief, Okonjo-Iweala). Pension Reform 2004. EFCC established 2003.
Crises of the period
- Third Term agenda defeated 2006
- Niger Delta militancy intensifies
- ASUU strikes; Sharia introduction in 12 northern states
GDP (World Bank)
$59 bn (1999) → $166 bn (2007)
Cabinet (selected portfolios)
- Finance
Adamu Ciroma (1999–2003); Ngozi Okonjo-Iweala (2003–06)
- Education
Tunde Adeniran; Babalola Borishade; Fabian Osuji; Chinwe Obaji; Oby Ezekwesili
- Health
Prof. ABC Nwosu
Source: Federal Gazette 1999–2007; CBN; World Bank WDI
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.