Abstract:
The paper evaluates the history of how Nigeria was caught in the debt trap. It argues that, the whole concept of Nigeria’s debts was an international conspiracy by multinational and transnational corporations to strangulate the economy of the country. Hence most of the debts are dubious and illegal without diligence on the part of the creditor nations. It further argues that, the whole idea of debt relief is a rip-off which is aimed at accentuating the preservation of resource transfer from poor debtor to the rich creditor nations all aimed at impoverishing Nigerians and Nigeria. The paper further argues that, all genuine efforts started to arrest the foreign debt problem to ensure the entrenchment of the Nigeria's economy were frustrated. The article concludes that, the legal option is the only viable option of ascertaining the real value of Nigeria's debts before negotiating for debt relief or repudiating loans that were never loans in the first place is the only tenable exit strategy for Nigeria's debts.
