Under an agreement reached last June, nations belonging to the Paris Club of creditors wrote off $18 billion they were owed by Nigeria, which is using windfall earnings from high oil prices to pay off $12.4 billion in arrears and debts.
Nigeria is the world's eighth biggest exporter of crude oil and its earnings have soared thanks to high prices on world markets, allowing it to build up $36 billion of foreign reserves.
But it is also one of the world's poorest countries, with the majority of its 140 million inhabitants getting by on less than $1 a day.
Sunday, April 23, 2006
Nigeria clears its foreign debt
This as of Friday, April 21, from Reuters (emphasis mine):