by Peregba Jerry
President Muhammadu Buhari, has called for the extension of the 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 struggle 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.
Recalled that Nigeria is one of the most debted countries in Africa.
