President Buhari asks for more time to pay Nigeria's loans
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President Buhari asks for more time to pay Nigeria's loans



By Stephen Angbulu



 
The President, Major General Muhammadu Buhari (retd.) has called for the extension of debt repayment timeline for developing countries, especially those hit by the impact of the COVID-19 pandemic.

This is as he lamented that 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.

Buhari said this on Friday in New York during his address at the 76th Session of the United Nations General Assembly.

In his address, the President said, “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.”

He also called for an inclusive agenda that would build resilience and stability against future shocks; to deliver on the 2030 Sustainable Development Goals.


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