President Muhammadu Buhari has asked world leaders to consider debt cancellation for developing countries. The president made the appeal in his speech at the 76th Session of the UN General Assembly.
Critics of the Buhari administration have accused him of sinking Nigeria into debt but the Federal Government has defended its borrowings.
While addressing the UN General Assembly, Buhari equally called for fair and equitable trade policies.
He said such policies will eliminate the need for aid, adding that African countries do not intend to stay indefinitely looking for aid.
“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.”
“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.
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