World leaders have been asked to consider canceling debt for developing countries by President Muhammadu Buhari.
In his address to the 76th UN General Assembly, President Obama made the appeal.
Buhari’s critics claim that his administration has sunk Nigeria into debt, but the Federal Government has defended its borrowings.
Buhari also called for fair and equitable trade policies in his address to the UN General Assembly.
According to him, such policies will eliminate the need for aid, adding that African countries will not keep seeking assistance indefinitely.
“I commend the initiatives taken by the G20 and the international financial institutions to alleviate the economic situation of indebted countries and encourage more efforts in this direction.”
It is crucial that all developing, least developed, and small island countries struggling with fiscal or liquidity challenges be considered for inclusion in the Debt Service Suspension Initiative.
“Additionally, the eligibility criteria for suspension of debt, including outright cancellation, should be reviewed for countries facing severe challenges.
“Nigeria reaffirms that international trade is an engine for development and sustained economic growth, as well as the eradication of poverty worldwide.
“My delegation would like to emphasize the important role a universal, rules-based, open, nondiscriminatory, and equitable multilateral trading system can play in stimulating economic growth and development.
Eventually, fair and equitable trade would eliminate the need for aid. In fact, all African countries do not intend to rely on aid indefinitely. “All we need is an equitable and fair system of international trade,” he said.
Ahead of the G20 meeting, Buhari called on the world’s leaders not to tolerate the recent trend of unconstitutional takeover of power, sometimes through what he called “unilateral constitutional changes” by some African leaders.
The president spoke on the issue currently rocking the sub-region of West Africa
Due to these negative trends, the democratic gains of the past decades are being eroded in West Africa.