According to the bbc nigeria has cleared its paris club debt making it the first african country to clear it's debt. check this website:
http://news.bbc.co.uk/1/hi/business/4926966.stm

Although I don't know exactly the terms surrounding the debt issue particularly in nigeria and what the deal they struck with the IMF entailed of exactly. i know one thing for sure it is a very positive but scary thing, i wrote a project on globalisation and its negative impact on subsaharan african countries, specifically on the SAP (structural adjustment program) imposed on african countries and other third world country. The conclusions that emerge from my research pointed to the fact that globalisation and free trade was detrimental to the development of these countries, the development of health and education infrastructure and debt repayment was bad as well (in my views most of it is fictif debt anyways because of the absurd interest), but now that obasanjo's administration has cleared the paris club debt it is alleged that the remaining $30bn debt to the world bank and other organisations will be cancelled, so in essence Nigeria is debt free, this also means that it is no longer on the HIPC (Highly indebted poor countries) list and can thus lend money again with lenient conditions, first praise should be given to those who deserve it ( or whatever that saying is) so the obansajo administration can give themselves a tap on the back, but will money be borrowed wisely in the future will the organisations TWB IMF and Co be careful not to lend money to corrupt government like they've done in the past, will there be a strict monitoring to the allocation of any resources giving to the nigerian government for the poor nigerian citizens please share your views.

i would say this is somthing to be proud of have you seen the live 8 comercials online

I'm still suspicious of everything. Obviously there might be some conditions attached which could be worse than debts.

With the kind of leaders we have, how're we sure we won't be in debt in a few years?

Of what benefit would this translate to the common masses? Please educate us.

Well, prior to paying off the debt, the federal govt was paying $100 million monthly to service it ($1.2B per year). So this money should be channelled to improving our infrastructure, healthcare, education etc .

So, it looks good on paper.

Nigeria isn't totally debt free.She just paid off some of her creditors. It was OBJ propaganda.She also is still borrowing

lewa:

Nigeria isn't totally debt free.She just paid off some of her creditors. It was OBJ propaganda.She also is still borrowing

Yes lewa that is true. The Debt Management Office says we still owe about $5 billion, but I don't believe it is OBJ's propaganda, because, the bulk of the $32B was owed to the paris club and we are currently negotiating with the London club on clearing our debt with them - Okonjo-Iweala was working on this before she resigned.

There is still some borrowing going on e.g. from the world bank at about (0.9 - 2)% interest rate. I believe we also borrowed from China to finance some of the power projects amongst others. This is all public knowledge, so there is no propaganda.