President Umaru Musa Yar'Adua's request for the write-off of the $50 million owed Nigeria by Liberia, has been recommended to the House of Representatives for approval, by its Joint Committee on Appropriation, Finance, Aids, Loans and Debt Management.
The request was forwarded to the committee, following the President's letter, written to the Speaker of the House, Honourable Oladimeji Bankole in November last year, seeking the House's endorsement to grant a debt write-off amounting to $50million.
Yar'Adua wrote that the relief sought was part of a broader initiative by the international community to assist Liberia to clear its huge debt arrears owed the World Bank, International Monetary Fund (IMF) and the African Development Bank (ADB).
The amount was proposed by the President as Nigeria's contribution towards the West African country's debt arrears clearance process and would be financed from a grant drawn out of the recycled net income earned by the Nigeria Trust Fund, which would require no appropriation from the Consolidated Revenue Fund.
According to the report of the committee signed by chairmen of Committees on Appropriation, Finance and Aid, Loans and Debt Management, Festus Adegoke, John Eno and Abdulaziz Yari respectively, the joint committee recommended the President's request for approval, in view of the cordial relations between the two countries.

Nigeria THE BIG BROTHER in Africa

While her citizens die in poverty

so unfortunate

well, let them cancel it, at least it will better the life of liberians if the money saved from debt serving is plunged into the economy

I just wanted to use the words big brother, but someone already did.

We get $50 million to cancel but we no get money fix our roads or even fix anything in that country??

did they cancel the $50 million?

We get $50 million to cancel but we no get money fix our roads or even fix anything in that country??

great point but the nigerian governments would be hypocrites if they didn't grant liberia some debt relief given that nigeria is a benefactor of debt relief 2. the question is what would african countries do with this new economic freedom. the blame the white man trick won't work anymore.

You know, the Nigerian Military looted the hell out of Liberia on its way out.

This to me is a case of misplaced priorities. Would have been a good idea to me if we had this happen ten years from now or something.