President Muhammadu Buhari has called for the extension of debt repayment timeline for developing countries, especially those hit by the impact of the COVID-19 pandemic.
The president made the call on Friday in New York during his address at the 76th session of the United Nations General Assembly.
According to him, countries such as Nigeria spend the majority of their revenues on debt servicing, leaving 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,” said Buhari.
He also called for an inclusive agenda that would build resilience and stability against future shocks to deliver on the 2030 sustainable development goals.
Buhari’s appeal followed his request for the Senate to approve new loans of $4.054bn and €710million as well as grant components of $125m for 15 proposed projects.
The projects, spread across the six geo-political zones of the country, are to be financed by multilateral institutions, under the 2018-2021 medium-term (rolling) external borrowing plan.
