President Muhammadu Buhari has called for outright debt cancellation for developing countries facing the most severe fiscal and liquidity challenges.
Delivering a speech at the United Nations General Assembly, UNGA 77, President Buhari noted that the multifaceted challenges facing most developing countries had placed a debilitating chokehold on their fiscal space, justifying 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, as well as outright cancellation.
Concluding his address, the President conveyed his final reflection to the world body, urging leaders to uphold values of justice, honour, and integrity.
He noted that in spite of efforts by countries facing hostilities, humanitarian crises would continue to ravage some communities, and implored global partners to do more to complement those efforts.
President Buhari said the multiple challenges that being faced were interconnected and urgent, noting that UNGA’s theme, A Watershed Moment: Transformative Solutions to Interlocking Challenges, is apt, urging member-states to do their utmost to work with the UN towards resolving them.