Abuja — Says unilateral option not the best

President Olusegun Obasanjo reacting yesterday to a motion passed by the House of Representatives that Nigeria immediately stop servicing its foreign debts, appealed for more time to enable him continue his campaign with the nation's creditors and development partners.

The President, who recalled that since 1999 he has "gone round the world not once" on the debt issue, however emphasised that it was much better to embark on bilateral and multi-lateral talks than going unilateral.

He added that if his numerous appeals "fall absolutely on deaf ears, then I will come back and report to you, House of Representatives,".

Obasanjo who made the plea when Speaker Aminu Bello Masari, led a team to the State House to present a formal letter titled 'Repudiation of Foreign Debt - HR. 10/2005' concerning the motion on the foreign debt, described the motion as "the first shot." "The second shot may even be a law. If it becomes law, there is no way that I can appeal to you because it has to be implemented," he said.

The House stated in the memo that it "was convinced that from 1999 to date, your administration had established sound socio-economic structures to attract cancellation of Nigeria's huge foreign debt. Accordingly, it resolved to call on Mr. President to cease forthwith further external debt payment to any group of foreign creditors".

While observing that debt relief was yet to come Nigeria's way even though the Federal Government has embarked on far-reaching reforms that are receiving world acclaim, the president noted that he believes "that if the international community has any morals left, it should be morals of compassion and sympathy for us in this part of the world.

"What we have been doing wrong in the past, we are trying to right now. Not only that, Nigeria bears the burden of looking after the situation in Togo, in Liberia. Before the international community was ready, we were already there. Even in Darfur. We are our brothers' keeper but we are also doing it for the world. We have accepted to bear the brunt of this responsibility but what do we get out of it?

"When everything seems to be right then we hear things like how is your budget going?" Obasanjo said while asking Masari to allow him "use the best effort of government and those men and women of goodwill out there. For instance, I have just read the report of the British Commission for Africa where they are recommending 100 per cent debt relief for low income countries and Nigeria falls within that low income country. Maybe we can work with them and see how far we can go."

He also asked the House "to put into writing the acknowledgement of this motion, the expression of solidarity with you on the way you feel and the appeal that you should give me a bit of time to see what we can do on the bilateral or even multilateral talks with the Paris Club and other clubs so that we can sail through without unilateralism".

Obasanjo also noted that the House "rightly observed that debt forgiveness is not an economic issue. It is purely political. When you look at the situation of Nigeria and Iraq and Pakistan, what is it that makes them to be entitled to debt relief by almost 100 per cent and does not make Nigeria?"

"When they talk about oil, with our population of almost 150 million, what we get from oil is less than 50 Cents per person per day. It is not even near the so-called abject poverty level of $1. As you rightly observed, from the time I won election in 1999 I have gone round the world not once.

"I have met all the people that matter politically in the group of 8 and Group of less than 8. Occasionally, I get good words. Then they prescribe that you must do this, you must do that. And one of the things that they wanted us to do very much is reform and as you know, we have very deep and very comprehensive reforms going on", the President added.