President Muhammadu Buhari has appealed for debt cancellation for developing countries, saying that it presents severe challenges to the nations involved.
He made the appeal while speaking at the United Nations General Assembly, UNGA, in New York on Wednesday.
The speech marked his last as President of Nigeria as he is expected to transmit power to the next President on May 29, 2023, after two terms in office.
President Buhari while delivering his address at the 77th General Assembly 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.”
He noted that the speech will be his last as a president as Nigeria will elect a new leader next year. President Buhari seized the occasion to appreciate world leaders for their support to address challenges, while equally highlighting his strides in strengthening the country’s democracy and ensuring transparent elections.
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He said: “We believe in the sanctity of constitutional term limits and we have steadfastly adhered to it in Nigeria. We have seen the corrosive impact on values when leaders elsewhere seek to change the rules to stay on in power.
“Indeed, we are now preparing for general elections in Nigeria next February. At the 78th UNGA, there will be a new face at this podium speaking for Nigeria.
“Ours is a vast country strengthened by its diversity and its common values of hard work, enduring faith and a sense of community.
“We have invested heavily to strengthen our framework for free and fair elections. I thank our partners for all the support that they have provided our election institutions.
“As President, I have set the goal that one of the enduring legacies I would like to leave is to entrench a process of free, fair and transparent and credible elections through which Nigerians elect leaders of their choice.”
Source: Vanguard
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