Nigeria

President Buhari wants debt relief for poor struggling countries

President Muhammadu Buhari has once again campaigned for poor developing countries to be granted relief on debt burdens to ease their fiscal challenges.

President Muhammadu Buhari has once again campaigned for poor developing countries to be granted relief on debt burdens to ease their fiscal challenges.

The president said during his address at the Future Investment Initiative Summit in Saudi Arabia on Tuesday, October 26, 2021 that it’s difficult for those countries to invest in their citizens if they’re dealing with crushing debt.

The 78-year-old said the situation has been worsened by the COVID-19 pandemic which has increased the risk of deepening the debt portfolio of poor countries.

He said, “These nations increasingly allocate more and more resources towards external debt servicing and repayment at the expense of the health, education and other services that contribute to the overall well-being of their population.”

Nigeria’s debt portfolio has skyrocketed under the president rising from N12.12 trillion in June 2015, a month after he assumed office, to N32.92 trillion as of December 2020.

Buhari made a similar plea for debt relief, and cancellation, during his address at the United Nations General Assembly in September.

Get more stories like this on Twitter and Telegram

Recommended Stories