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Vol 40 No 10

Published 14th May 1999


Nigeria

Golden parachutes

Military 'pensions' and mismanagement threaten the incoming civilian government

It's now clear that President Olusegun Obasanjo's incoming civilian government will face a major financial crisis when it takes office on 29 May. The massive drawdown in foreign reserves (AC Vol 40 No 8, The $2.7 billion hole in the bank) continues, government borrowing is rising sharply and the staff-monitored programme with the International Monetary Fund has missed nearly all the major benchmarks agreed in January (AC Vol 40 No 3, Who's counting?).

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