By Asmau Ahmad
Nigeria’s President Muhammadu Buhari has appealed to rich nations and international financial institutions, for outright debt cancellation for countries facing the most severe challenges in the wake of the COVID-19 pandemic, that had ravaged economies globally.
In his speech at the 76th Session of the UN General Assembly, President Buhari, particularly urged G20 countries to extend their debt suspension initiatives to all developing countries, least developed countries and small island developing states facing fiscal and liquidity challenges.
“Developing countries have been faced with unsustainable debt burdens even before the pandemic.
‘‘The COVID-19 pandemic has increased the risk of new wave of deepening debt, where vital public financial resources are allocated to external debt servicing and repayments, at the expense of domestic health and financing for critical developmental needs.
“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,” Buhari told world leaders at the assembly.
The Nigerian leader called for reforms of international trade that would engender recovery from the COVID-19 crisis, build resilience to future shocks and pursue transformative development strategies that can deliver the 2030 Sustainable Development Goals.
“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,” he said.
President Buhari also used the occasion of the speech to renew his advocacy for equitable distribution of COVID-19 vaccines, outlining steps Nigeria had taken to achieve “moderate success” in containing the virus and halt its deadly onslaught in the country.
