President Muhammadu Buhari has appealed to world leaders to consider cancelling debts owed by developing countries.
Beside review of the eligibility criteria for debt suspension, Buhari said outright cancellation, is needed for countries facing the most severe challenges.
The president made the appeal on Friday in New York during his address at the 76th Session of the United Nations General Assembly.
He said, “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.
“In addition, a review of the eligibility criteria for debt suspension, including outright cancellation, is needed for countries facing the most severe challenges.
“Nigeria reaffirms that international trade is an engine for development and sustained economic growth, as well as the global eradication of poverty.
“My delegation would like to reaffirm the critical role that a universal, rules-based, open, non-discriminatory and equitable multilateral trading system can play in stimulating economic growth and development.
“Fair and equitable trade would eventually eliminate the need for aid. My country and indeed all African countries do not intend to stay indefinitely looking for aid. All we need is a fair and equitable system of international trade.”
