Buhari Calls on China's Other World Leaders to Consider Debt Cancellation

• President Buhari has requested that world leaders consider debt cancellation to help developing countries
• Addressing world leaders, he noted that debts are some of the reasons many countries are yet to overcome their challenges
• The debt management office on Monday announced that Nigeria's debt burden jumped to over N44 trillion

President Muhammadu Buhari has called on world leaders to consider debt forgiveness, given Nigeria's and other developing countries' present economic realities.

Buhari stressed that developing countries were facing numerous challenges, including being able to service external debts.

He asked the world leaders to address what he described as the burden of unsustainable external debts.

Part of the speech reads:

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“Nigeria implores our global partners to do more to complement our endeavours. Indeed the multi-faceted challenges facing most developing countries have placed the ability to address their fiscal place,” he said.

“This equally calls for the need to address the burden of unsustainable external debts by a global commitment to the expansion and extension of the debt service suspension initiative to countries facing fiscal and liquidity challenges as well as outright cancellation for countries facing the most severe challenges.”

The promise of a free and fair election

Furthermore, in his speech, President Buhari told the world leaders that he would be addressing the diplomatic community as President for the last time, underpinning that Nigeria will have a new president representing her by this time next year.

He vowed to entrench a process of free, fair, transparent and credible elections through which Nigerians elect leaders of their choice.

The President also reiterated his commitment to constitutional term limits and Nigeria’s effort to promote rule of law and democracy in West Africa, citing the country’s support to The Gambia, Guinea Bissau and Chad during their political impasse.

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He said:

“Ours is a vast country strengthened by its diversity and its common values of hard work, enduring faith, and a sense of community. We have invested heavily to strengthen our framework for free and fair elections. I thank our partners for all the support that they have provided for our elections.

“As President, I have set the goal that one of the enduring legacies I will like to leave is to entrench a process of free, fair and transparent credible elections through which Nigerians elect their choice."

Odinkalu: Nigeria's public debt profile has tripled in 7 years

In other news, rights activist, Chidi Odinkalu,has said Nigeria’s debt profile has increased three times in the last seven years since Muhammadu Buhari mounted the saddle as Nigeria’s president.

Odinkalu said this in a tweet but did not expatiate as he only provided an undated chat from the Nigeria Bureau of Statistics (NBS).

Odinkalu further quoted data from Debt Management Office (DMO) that says Nigeria’s debt profile is increasing under Buhari.

Source: Legit.ng