Buhari Tasks G20 Countries On Debt Cancellation For Developing Countries, Others


    President Muhammadu Buhari has urged G20 countries to extend its debt suspension initiatives to all developing countries, Least Developed Countries, Small Island Developing States facing fiscal and liquidity challenges.

    A report by NAN stated that Buhari made the call while addressing world leaders at the 76th Session of UN General Assembly in New York, United States of America on Friday.

    The President also called for outright debt cancellation for countries facing the most severe challenges occasioned by the COVID-19 pandemic.

    ‘‘Developing countries have been faced with unsustainable debt burdens even before the pandemic

    ‘‘The COVID-19 pandemic has increased the risk of new wave of deepening debt, where vital public financial resources are allocated to external debt servicing and repayments at the expense of domestic health and financing for critical developmental needs.

    ‘‘I must commend the current initiatives by the international financial institutions and the G20 aimed at significantly mitigating the economic situation of the indebted countries and urge for more efforts in this regard.

    ‘‘Therefore, there is an urgent need to consider expansion and extension of the Debt Service Suspension Initiative to include all Developing, Least Developed Countries and Small Island Developing States facing fiscal and liquidity challenges.

    ‘‘In addition, a review of the eligibility criteria for debt suspension, including outright cancellation, is needed for countries facing the most severe challenges.’’

    The President also used the occasion of the speech to renew his advocacy for equitable distribution of COVID-19 vaccines, outlining steps Nigeria has taken to achieve ‘‘moderate success’’ in containing the virus and halt its deadly onslaught in the country.

    ‘‘Nigeria remains grateful for the assistance received from our partners and friends all over the world.

    ‘‘Vaccination is the key to our safe emergence from the pandemic.

    ‘‘We fully support the COVAX initiative from which we have benefitted. We also thank the United States of America, Turkey, India, China, European Union, and others for the vaccines provided.

    ‘‘Despite the acknowledgement however, I would like to reiterate my call for a fairer and more equitable distribution of vaccines to all countries so that, together, we can fight and contain the pandemic.

    ‘‘The rising wave of newer and more contagious strains, makes this even more urgent. No country can afford the socio-economic implications of prolonged shutdown. It is imperative to underscore that no one is safe until everyone is safe,’’ he said.

    On Nigeria’s intervention to halt the pandemic, the President said, ‘‘At the outset, we recognised detection and contact tracing to be important tools in combating the virus.

    ‘‘In this connection, from a mere four laboratories with testing and detection capacities, we ramped up the facilities to over 140 centres today.

    ‘‘Similarly, we built isolation centres and emergency hospital wards in record time all over the country. We carry out genomic sequencing in designated laboratories across the country with a view to detecting variants in circulation.

    ‘‘In addition, over 40,000 health care workers have recently been trained on Infection, Prevention and Control measures with the support of various partners.

    ‘‘Through the Nigerian Centre for Disease Control, we have established 16 infectious disease treatment centres located within our Teaching Hospitals and Federal Medical Centres,’’ he said.

    On the fight against terrorism, the president told the UN General Assembly that the Nigerian Security Forces had recorded considerable success.

    ‘‘As a result of the renewed vigour of Nigeria’s military, many terrorist fighters are voluntarily surrendering to our security forces,’’ he said.

    According to the president, Nigeria will continue to work closely with UN Counter-Terrorism bodies and entities with a view to bringing this scourge to an end.

    He added that the country would spare no effort in addressing the challenges of terrorism posed by the activities of Boko Haram in North-East Nigeria and the Lake Chad region, as well as banditry in the North-West and North-Central Nigeria.

    ‘‘I and three other Nigerian Heads of State served actively as peace keepers and Nigeria continues to support peacekeeping efforts. We know the sacrifice involved; we also know how important peacekeeping is for those in vulnerable situations.

    ‘‘Nigeria will continue to play its part fully in supporting United Nations peacekeeping operations within Africa and beyond,’’ he said.



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