President Muhammadu Buhari has pleaded with world leaders to extend debt repayment timeline for developing countries, especially those hit by the impact of the COVID-19 pandemic.
Buhari made the plea in his address on Friday at the United Nations General Assembly in New York.
He noted that some countries, like Nigeria spend the majority of their revenues on debt servicing thereby leaving them with little for infrastructure development and other essential aspects of the economy such as healthcare and education.
“There is an urgent need for debt repayment extension for developing countries who are still recovering from the pandemic and also struggling with 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”, President Buhari said.
In the same vein, the Nigerian leader called for global efforts against illegal circulation of small and light weapons.
He said these “are in excessive accumulation and uncontrolled in many regions of the world” these he added have socio-economic consequences, especially on the continent of Africa.
He therefore called for the worldwide application of the downstream treaty to codify accountability in conventional arms treaty, which he said was critical to the security of nations and the ongoing battle against trans-border crimes, including terrorism and piracy.
Nigeria’s Debt Profile has continued to sour since the emergence of president Muhammadu Buhari who meant the debt at just a little above N12 trillion and has taken it to an all-around height of N36 trillion in six years.
Analysts are also worried that for every dollar the nation makes,it serviced it’s debt with 97.7 cents which is near 100%