If one considers how Nigeria has handled its oil revenues over the past 30 years, its quest for debt relief seems laughable. Its oil wells have yielded hundreds of billions of dollars, which its politicians have largely stolen or squandered. Nigeria is scarcely less poor than before its oil boom began. And, since successive governments borrowed against future oil receipts and wasted that money too, the country is saddled with some $34 billion in foreign debt. Such a record suggests that extra cash freed up by debt relief would be frittered away.
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