Nigerian Debt Crisis

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The word debt comes from the French dette and ultimately Latin debere (to owe), from de habere (to have). The letter b in the word debt was reintroduced in the 18th century, possibly by Samuel Johnson in his Dictionary of 1755 – several other words that had existed without a b had them reinserted at around that time. Debt is as old as economy. The anthropologist David Graeber argues in Debt: The First 5000 Years that trade starts with some sort of credit namely the promise to pay later for already handed over goods. Therefore credit and deb…