In his address to the United Nations General Assembly on Friday, September 24, 2021, President Muhammadu Buhari has pleaded with other world leaders to employ outright cancellation of debts of struggling nations.
The 78-year-old African leader stated that the Covid-19 pandemic had done a lot of damages on the economy of developing nations.
President Buhari stated that the pandemic has increased the risk of new wave of deepening debt for this nations, as they now have to allocate vital financial resources to external debt servicing and repayments.
He noted that this situation is causing neglect of domestic health, and other critical development needs.
“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 pleaded.
Nigeria’s debt portfolio has skyrocketed since Buhari assumed office in 2015.
The country’s debt has risen from N12.12 trillion in June 2015, a month after he assumed office, to N32.92 trillion as of December 2020.