President Muhammadu Buhari has urged G20 to extend debt suspension initiatives to Nigeria and other developing/least developed countries.

Buhari made the call on Friday while addressing world leaders at the 76th Session of UN General Assembly (UNGA) in New York.

G20 members are Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia.

Others include Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. Spain is a permanent guest invitee.

Buhari requested outright debt cancellation for countries facing the most severe challenges occasioned by COVID-19.

The Nigerian leader recalled developing countries faced unsustainable debt burdens even before coronavirus outbreak.

Buhari observed the pandemic had increased the risk of deepening debt, where public resources are allocated to servicing and repayments at the expense of financing for critical needs.

The President commended the drive of international financial institutions and the G20 aimed at mitigating the economic situation of indebted nations.

“The 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”, he said.

The Buhari administration is being criticized for demanding that the Nigerian Senate approve fresh $4.054bn and €710million credit.

In its condemnation, the People’s Democratic Party (PDP) accused the All Progressives Congress (APC) government of trying to sell the country.

The opposition warned that approval of the latest request, plus an additional N5.62trillion loan proposed for the 2022 budget will jerk Nigeria’s liability up to N40trillion.

The presidency has provided a breakdown and insists the borrowings are needed to fund projects and development programmes.

Kastonkastroll:
Guys do you know that every single Nigerian owes the chinco people nothing less than 4.5million naira. And bubu is still borrowing from chiniese people. Guys, we will just wake up one day and see chiniese people taking over our properties, women, etc just because of gigantic loans we have gotten from them

Ecne:

He is correct.
You do the calculation yourself, using the statistics of able-bodied Nigerians between the ages 18 and 65 range, you'll be shocked.
And then when you juxterpose further with the number of those financially productive, you should get a result thats closed to his.

Sunnyja:
What exactly is your point?! If the loan clauses says that China can take over our national asset to recover their loans, what is a country without assets?!

Kastonkastroll:
Guys do you know that every single Nigerian owes the chinco people nothing less than 4.5million naira. And bubu is still borrowing from chiniese people. Guys, we will just wake up one day and see chiniese people taking over our properties, women, etc just because of gigantic loans we have gotten from them

Kastonkastroll:
Guys do you know that every single Nigerian owes the chinco people nothing less than 4.5million naira. And bubu is still borrowing from chiniese people. Guys, we will just wake up one day and see chiniese people taking over our properties, women, etc just because of gigantic loans we have gotten from them

JimmyDarmody:
lol the world doesn't work that way.

He wants to use cow sense on them.

Kastonkastroll:
My annoyance is that these dumb politicians take these loans in our names. Go and see what Chinese people are doing to zambians because of the monies they borrowed from them. You will pity zambians. Chinese people are now joining Zambia police. Pitiable state I tell you

Seniorwriter:
Very much as expected... The same past procedure!
Go about to source and borrowing then turn around to beg for suspension of debt or outright pardons not to pay....SMH

Stop spewing trash.....it's not possible though the borrowing is outrageous and uncalled for! Howbeit many of your likes keeps saying these trash out of ignorance....how much is the debt? Just imagine 100million Nigerians out of our ever increasing human resourcefulness that get VAT deductions of say $1 weekly for the next 10years...do the math the monies borrowed will be history but we have a very anyhow and dull leadership + politicians in helms of affairs!

@SENIORWRITER