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Saturday, June 10, 2023

Buhari wants Nigeria’s $28 bn foreign debt cancelled

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Nigerian President Muhammadu Buhari urged international financial institutions to cancel the debt obligations of member states to help
them withstand the fallout of the coronavirus pandemic.

In a meeting with other heads of state from the Non-Aligned Movement, Buhari urged official lenders to help cushion the pandemic fallout with “outright debt cancellation,” according to a statement sent by his office.

Nearly half of Nigeria’s outstanding external debt is with multilateral lenders, led by the World Bank Group with $10.1 billion. Beijing-based Export-Import Bank of China is the second-biggest creditor with loans totaling $3.2 billion, while Eurobonds account for $10.86 billion or 39% of external debt.

In April, Finance Minister Zainab Ahmed said the government is seeking a temporary suspension from multilateral and bilateral creditors to unlock funds to battle the illness that is spreading fast in Africa’s most populous country.

The West African country received $3.4 billion in emergency financing from the International Monetary Fund last week.

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  1. The people that are incharg of this country are not telling us truth they puposily want to sell this country because even up till now they are still borrowing so what is the motive behind all this borrowing

  2. This cartoon makes me to laugh. Is just like come on don’t be afraid. You can walk. Chinko president calling bubu….LOL!! Good pix


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