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President Muhammadu Buhari, on Wednesday, begged the global community to consider “outright debt cancellation” for countries facing severe fiscal challenges.

The Nigerian leader made this appeal while speaking at the ongoing 77th United Nations General Assembly in New York.

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“Nigeria, therefore, implores our global partners to do more to complement our endeavours. 

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“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 debts 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,” he begged. 

Buhari’s call for debt cancellation for developing countries with fiscal challenges comes as Nigeria’s debt profile continues to rise under his watch.

Nigeria’s debt profile has risen up to N42 trillion in nearly eight years of President Buhari’s administration, according to the Debt Management Office. 

With the new move to borrow over N11 trillion to fund the 2023 budget deficit, Buhari’s administration will bequeath over N50 trillion in debt to Nigeria when he leaves office in May next year.

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