http://news.bbc.co.uk/1/hi/world/africa/4497915.stmAfrica's most populous nation and the world's eight largest oil exporter is regularly ranked as one of the world's most corrupt countries.
Corruption and mismanagement mean that despite the country's vast oil wealth, some 60% of Nigerians live in poverty.
Much of the debt was built up during Nigeria's many years of military rule and was unashamedly pocketed by army generals.
Former leader Sani Abacha is accused of personally stealing $2.2bn during his five years in office.
Many Nigerian officials took their cue from their leaders.