Should G20 Cancel Nigeria’s Debt After Buhari Requested For Fresh $4bn, €710m Loan?
President Muhammadu Buhari has urged the G20 to expand debt-forgiveness initiatives to include Nigeria and other developing and least-developed countries.
Buhari made the call while speaking to world leaders at the 76th session of the United Nations General Assembly (UNGA) in New York on Friday.
Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, and Russia are G20 members.
Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States are among the others. Spain is a regularly invited guest.
Buhari has requested that all debts be cancelled for countries facing the most severe challenges as a result of COVID-19.
Even before the coronavirus outbreak, developing countries faced unsustainable debt burdens, according to Nigeria’s president.
Buhari noted that the pandemic had increased the risk of deepening debt, in which public resources are diverted to servicing and repayments at the expense of financing for critical needs.
“There is an urgent need to consider expanding and extending the Debt Service Suspension Initiative to include all developing, least developed, and small island developing countries facing fiscal and liquidity challenges,” he said.
With the current plan by President Buhari to borrow a new loan, do you think G2O should cancel Nigeria’s debt?
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