Eric LeCompte, Executive Director of Jubilee USA, recently spoke with the New Telegraph on the debt situation in Nigeria. Read excerpt below and follow link to full article.

IMF to Nigeria: High oil prices shouldn’t delay reforms

Oil producing countries, including Nigeria, should not be tempted to delay reforms in their countries because of the present high oil prices, the International Monetary Fund (IMF) has advised. This counsel came hours after Eric LeCompete, who serves on United Nations experts groups that focus on economic issues, raised the alarm over Nigeria’s and other developing nations’ unsustainable debts, saying it “is a recipe for financial crisis.”

In a related development, Jubilee USA Executive Director, Eric LeCompte, also cautioned Nigeria and other developing economies on the unsustainability of their debts. “We are seeing a growing debt crisis in many developing economies,” stated LeCompete.

“At the same time, we see risky and speculative behaviour on the rise. We know that risky behaviour and unsustainable debt is a recipe for financial crisis.” It would be recalled that since last April, the IMF warned that not enough has been done to prevent future financial crisis.

Read more here.