President Muhammadu Buhari has today while delivering his speech at the ongoing 76 United Nations General Assembly (UNGA) has sought the world leaders to consider canceling debt for developing countries. The President in recent times has come under attack from his critics who accused him of borrowing too much for the country and that which is capable of throwing the country into a permanent debt trap, although the presidency has defended their action. Buhari revealed that such gesture from the world giants would eliminate the urge for depending on aid by the developing countries saying though African countries cannot perpetually remain under such mercy. In his statement, “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. He suggested a review of criteria to those eligible for such gesture including outright cancellation for countries considered to be under serious financial challenge.
While affirming that International trade is an engine room for development and sustainable growth, the Nigerian leader said the conscious effort should also be geared toward global eradication of poverty.
Buhari added, “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,
The Nigerian leader while condemning the forceful taking over of power recently being witnessed in some African countries, he solicited the action of the world powers in curbing these trend.
Buhari also acknowledged the security situation that is bedeviling the sub-Saharan region where he called for collective action.
He revealed that the current trend is threatening the democratic gains obtained in the last two decades if deliberate action is not initiated.
