SUMMARY, Referrals AND CONCLUSION
5. 1 Summary
This study examined the degree to which Overseas aid; particularly the debt relief initiative has added to human development in Nigeria. It particularly sought to look at the relationship between Foreign aid and development considering the fundamental political-economic conditions and the effectiveness of aid on individuals development. This work also sought to analyze the way the World Bank's Debt Relief initiative has enabled individuals development in form of better living expectations and usage of essential facilities in Nigeria. Finally, this research searched for to judge the political-economic conditions especially underlying the potency of the globe Bank's CREDIT CARD DEBT RELIEF initiative to Nigeria.
Chapter one presented the study bringing out a general history to the study; the assertion of problem; the research questions; targets of the study; research proposition; significance of the study; range and restrictions of the analysis.
Chapter two centered on the review of scholarly literature on the subject matter. The chapter illustrated the historical track record to Foreign aid in the International system and its efforts to development in general. The chapter also included a theoretical construction examining the theory used for review review as well as the current trends about the subject.
Chapter three in the other palm was devoted to the historical point of view of foreign aid in Nigeria. Chapter four tries a crucial discourse of the topic matter of credit card debt relief and individual development. The chapter evaluated and examined the debates on the potency of the Debt Pain relief Initiative to Nigeria. It especially sought to examine the impact and effect of the debt alleviation initiative on Human being development in Nigeria. It began examining your debt relief initiative, accompanied by the debates on its effectiveness and management in recipient state governments and concluded with a critical analysis of the potency of the debt pain relief initiative on individuals development in Nigeria so as to determine if international assist in form of credit card debt relief has contributed to human being development in Nigeria. This chapter being the fifth summarizes the research and all conclusions carried out. It also includes suggestions and suggestions for even more studies.
5. 2 Recommendations
One of the significant conclusions of the aid-effectiveness literature has been that aid works more effectively when the recipient country's plan and institutional environment satisfies some little criteria, and this help should thus be allocated selectively based on the quality (established insurance policies and initiatives) of possible recipients' financial and social procedures (World Standard bank, 1998). To buttress this assertion, Thomas (2001) highlights that some Heavily Indebted Negative Countries (HIPCs) got no policy responses to poverty, HIV/Products or corruption until these were required to do in order conditions for debt relief under the HIPC Effort. He concluded by suggesting that unless debt relief is effectively conditioned on the proper use of cash and the pursuit of structural reforms, it is improbable to help the poor. This has been the Help efficiency-conditionality question -surrounding the subject matter.
It is rather quite regrettable that the afore talked about assertion or argument was somewhat verified in Nigeria with the establishment of the Debt Management Office and the Virtual Poverty Finance - initiatives which were because of this of a anxious dependence on a credit card debt relief. What is more reliving though is usually that the DMO is really still set up and very much useful in managing the Nation's external and internal debt, and also have shown certain degree of accountability and transparency. That is seen with the up-to-the-minute information available on the Debt Management Office (DMO) website for Nigerians to familiarize themselves with any office and all that has been done to get a debt relief and everything that there surely is to taking care of further credit debt both on their state level and the federal level. This research further recommends that profits from oil be utilized correctly to make resources open to finance investment that would in turn business lead to progress.
No doubt, there is certainly the individual method of office supervision and insurance plan initiation. But because the nature of Public supervision allows for continuity even following the presiding officer or seat steps down, hence, it is appropriate to advise that the established Debt Management Office and the Virtual Trust Fund (VPF) that was internationally commendable suggest that the Nigerian Administration is skilled enough to initiate functional methods to challenges in the state and manage such initiatives effectively. It might be worthwhile therefore, to have our leaders put that same zeal and drive to initiating answers to several other obstacles facing the state and run it successfully as the DMO was viciously set you back get credit card debt relief.
Apart from credit card debt relief being truly a form of help; in Nigeria, the aid fund goes directly to the ministries, office or agency (MDA) that uses the fund. This is contrary to what took place in other Sub Sahara African Countries such as Kenya and Ghana where foreign help is treated as part of the budget. The Senate in Nigeria has warned resistant to the disbursement of overseas aid coming into the country without Country wide Assembly's participation. The lawmakers are actually insisting that such funds must henceforth be captured in the nation's budget process for the purpose of tracking its movement and disbursement into Nigeria's critical areas (The Will, 2011). The theory is that by-passing budget will cause timely release of the help to the critical areas of the economy. Also, by-passing budget would ensure that help money is not diverted to non-aided assignments in the country. It's possible that there is the fear of embezzlement and mismanagement. Therefore i would advise that the ministries, section or agency (MDA) that receive and utilize aid fund continue to achieve this but with a report to the Country wide Assembly on an in depth account of help fund.
To effectively assess the effectiveness of the VPF or any aid fund for example, it's important for recorded jobs to include the labels or complete aspect of projects so as to enable complete evaluation.
One may question if poor insurance plan performance is a cause or a rsulting consequence external credit debt or arrears over hang for that matter. Your debt overhang theory and a lot more standard concerns of personal debt distorting bonuses of the borrowing countries to reform imply that poor insurance policy performance could be an end result caused by exterior debt, at least in a few of the HIPC countries, especially in the short run, as governments have much less incentive to soak up reform costs if they generally produce income for overseas creditors. This should not be the situation for Nigeria with the surplus revenue from oil will. It generally does not allow for the conclusion that poor policy performance could be an results caused by external debt. Somewhat, gross mismanagement of open public finance, looting and perpetuated greed has induced poor plan performance.
The civil population could have suppressed mismanagement somewhat but that's not really the circumstance because what's seen is a state where there is nominal horizontal accountability and almost an invisible vertical accountability. In fact, the Nigerian individuals are negligent of the living of their state and have a tendency to survive with or without its source. This should not be the truth. For Nigerian market leaders to be accountable, citizens must actively participate in the politics of the state and make demands without dread.
As a great many other reviews have advised, this research would also recommend that Nigeria should diversify her overall economy to obtain multiple income streams. It is true that no condition can be self-sufficient however the way aid is directed at Nigeria is very appalling rather than needed. Least to state the food brought in to Nigeria on a regular basis. If any status cannot give food to itself and expand itself and its own capacity, such express is bound to be underdeveloped of which Nigeria is not fit to be termed underdeveloped scheduled to her vast riches in natural resources, man electric power, intellectual and industrial capacity, market and human population. This research would therefore recommend a shift from a "Rentier mentality" to a self-reliant economy and express.
5. 3 Conclusion
In other research, the overall impact of credit card debt relief is still unclear. Whereas there exists little in the way of complete analysis or country circumstance studies to compare the Nigeria circumstance with. Chauvin and Kraay (2005) however, dispute that credit card debt relief has had no perceptible impact on the structure or efficiency of public spending. Some skeptics, including Easterly (2002) and Jain (2007) have argued that debt relief, or the Heavily Indebted Low of the Countries process can make public policy worse. On the other hand, Arslanalp and Henry (2005) claim "both borrowers and lenders can benefit from credit card debt relief when the borrower suffers from credit debt overhang", whilst World Lender (2006) paints a broadly positive tone as to the policy course of post conclusion point countries of the Heavily Indebted Low of the Countries Initiative. From this merged picture, the Nigerian evaluation as summarized in the preceding chapter, advises a success tale.
More so, it is important to note that debt relief is only a drop in the sea of reform that is necessary in Nigeria. Besides, credit card debt relief was labeled as 'special money' that possessed politics support, high presence, and accountability operations encompassing it especially so as to gain credit from international donors (at the initial stages). Every other money is thrown away, mismanaged or syphoned, as it has been typical within general public administrations. And because debts fund together cannot lead to development in a state (even if well accounted for), development difficulties still persist coupled with lack of devoted leaders to improve. Such attitude continues circumstances in a continuous spin within the dependency group. So yes, politics conditions do have results on the effectiveness of foreign aid and much more, on the development of circumstances.
5. 4 Advice for even more Research
The decay in public services like the education sector had not been only because of inadequate financial allocation but also because of this of corrupt routines. What this work couldn't cover effectively was to learn how possible it is the fact that relief funds were not diverted, yet, the NAPEP projected impact on individuals development is not absolutely all that visible. This is because diversion in cash impedes development. Or could it be that the infinitesimal development experienced from your debt relief finance was all the there was and funds were not diverted, mismanaged or misused? Quite simply, why didn't the debt relief plan help NEPAP in eradicate poverty before 2010?