UNGA77: Again, Buhari appeals for debts cancellation as Nigeria’s debt hits N42trn

President Muhammadu Buhari on Wednesday urged the United Nations to consider outright cancellation of debts for countries facing the most severe economic challenges.

The Nigerian leader made the appeal during the General Debate of the 77th session of United Nations General Assembly, a forum in New York, United States where Heads of State and governments gather to discuss world issues, on Wednesday.

It could be recall that President Buhari made similar appeal at the UN meeting in 2021.

In 2015 when Buhari became president, Nigeria’s external debt was around N17trn, but presently stands at N42.84 trn, according to the Debt Management Office, DMO.

Read Also: (Full Speech): Buhari’s address at UN General Assembly

President Buhari, while speaking in New York, US, described the external debts facing a number of countries as unsustainable.

“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 debt 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,” Buhari said.

Buhari assured the UN that he was committed to democratic tenets.

“We believe in the sanctity of constitutional term limits and we have steadfastly adhered to it in Nigeria,” he added.