Nigeria’s President, Muhammadu Buhari, has appeled to the global community to consider “outright debt cancellation” for countries facing severe fiscal challenges.
The Nigerian leader made this appeal while speaking at the ongoing 77th United Nations General Assembly in New York.
In his words: “Nigeria, therefore, implores our global partners to do more to complement our endeavours.
“Indeed, the multifaceted challenges facing most developing countries have placed a debilitating chokehold on their fiscal space.
“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.”
President Buhari’s call for debt cancellation for developing countries with fiscal challenges comes as Nigeria’s debt profile continues to rise under his watch.
In nearly eight years under President Buhari, Nigeria’s debt profile has risen up to N42 trillion, according to the Debt Management Office.
With the present Nigerian government proposing to borrow over N11 trillion to fund the 2023 budget deficit, President Buhari regime will bequeath over N50 trillion debt on Nigeria when he leaves office next May.
President Buhari furthered assured the global community that he would leave a legacy of free, fair and transparent elections.
He told the assembly that Nigeria is committed to the “sanctity of constitutional term limits”, stressing that Nigeria has steadfastly adhered to democratic ethos.
President Buhari said Nigeria has worked to strengthen democracy and rule of law in the West African region.
He said: “In Nigeria, not only have we worked to strengthen our democracy, but we have supported it and promoted the rule of law in our sub-region.
“In The Gambia, we helped guarantee the first democratic transition since independence. In Guinea-Bissau, we stood by the democratically elected Government when it faced mutiny.
“And in the Republic of Chad, following the tragic death of its President, the late Idris Deby Itno in the battle field, we joined forces with its other neighbours and international partners to stabilize the country and encourage the peaceful transition to democracy, a process which is ongoing.
“We believe in the sanctity of constitutional term limits and we have steadfastly adhered to it in Nigeria. We have seen the corrosive impact on values when leaders elsewhere seek to change the rules to stay on in power. Indeed, we now are preparing for general elections in Nigeria next February.
“At the 78th UNGA, there will be a new face at this podium speaking for Nigeria. 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 our election institutions.
“As President, I have set the goal that one of the enduring legacies I would like to leave is to entrench a process of free, fair and transparent and credible elections through which Nigerians elect leaders of their choice.”