President Muhammadu Buhari while addressing the United Nations 77th General Assembly, in New York, called for debt cancellation for developing countries, noting that it poses “severe challenges” to the affected nations.
He said, “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.”
Telling the world body that by this time next year, Nigeria would have a new president representing it, Buhari thanked the world leaders who had cooperated with Nigeria in the efforts to tackle challenges, while he also highlighted the actions of the country in bringing peace and stability to West Africa. President Buhari spoke of the continuing challenges facing the world which, according to him, has been exacerbated by the war in Ukraine.
He vowed to entrench a process of free, fair, transparent and credible elections through which Nigerians elect leaders of their choice.