There is No Free Lunch Mr. Haruna's views on the matter are quite on the money. The relief actually may derail going by comments emerging from Europe and the IMF in the last few weeks. To get a clear sense of what the feeling is, do a google search for comments made by Germany's ambassador to Nigeria. He was the one who reintroduced the moral hazard argument in the last few months. One thing Mr. Haruna did not explicitly lay out is that the principle pursued since the Naples terms is that "conditionality" will no longer be used. This Policy Support Instrument, which is effectively a version of the so-called IMF stamp of good housekeeping the Paris Club always demands could be onerous. Nonetheless Dr. Soludo has indicated that the terms match up with NEEDS, hence the data and the decisions required are already in the pipeline. The risk we face in this agreement which I welcome initially, is that the devil will be in the details. While Dr. Okonjo-Iweala's reaction to the Kolawole piece is accurate, it is important that the Minister remember what every student learns in Micro 101, there is no free lunch. For a $12 billion lunch bill, the IMF, Paris Club and other players will want leverage. Be careful what you offer in Europe come September! http://www.gamji.com/haruna/haruna129.htm Nigerians - myself included - might be celebrating a tard too soon.