MJIEL Vol 8 Issue 3 2011 - Article 1

Abstract: Nigeria earns a lot of foreign exchange principally from oil exports and should be ranked among one of the fastest developing countries in the world. Unfortunately, corruption and mismanagement have driven her to join the club of heavily indebted countries. Such level of indebtedness is contrary to the principal of sustainable development which encourages the present generation to be sensitive and take into cognisance the needs of the future generation in the management of sovereign wealth. This work will argue that the Nigerian leaders owe both the present and the future generations of the country the duty to avoid such level of indebtedness, and failure to carry out such a duty should incur international responsibility under many international legal framework.


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