President Muhammadu Buhari has pleaded for debt relief for Nigeria, other developing countries and least developed countries at the United Nations General Assembly (UNGA).
He said this on Friday at the ongoing 76th Session of the United Nations General Assembly in New York, the United States of America.
According to a statement issued by gthe Speokeperson to the president, Femi Adesina, Buhari also asked a complete cancellation of debt for countries worst hit by the COVID-19 pandemic.
According to him, the pandemic and its econiomic impact have made it difficult for many country to service debts.
‘‘Developing countries have been faced with unsustainable debt burdens even before the pandemic. The COVID-19 pandemic has increased the risk of a new wave of deepening debt, where vital public financial resources are allocated to external debt servicing and repayments at the expense of domestic health and financing for critical developmental needs,” the president said.
He added, ‘‘I must commend the current initiatives by the international financial institutions and the G20 aimed at significantly mitigating the economic situation of the indebted countries and urge for more efforts in this regard.
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‘‘Therefore, there is an urgent need to consider expansion and extension of the Debt Service Suspension Initiative to include all Developing, Least Developed Countries and Small Island Developing States facing fiscal and liquidity challenges.
‘‘In addition, a review of the eligibility criteria for debt suspension, including outright cancellation, is needed for countries facing the most severe challenges.’’
The President also advocated the equitable distribution of COVID-19 vaccines, outlining steps Nigeria had taken to achieve moderate success in containing the virus and halt its deadly onslaught in the country.
