After Increasing Nigeria’s Debt From N17trn to N42trn, Buhari Again Calls For Outright Cancellation

Buhari made the appeal on Wednesday during the General Debate of the 77th session of United Nations General Assembly, a forum in New York, United States where Heads of State and governments gather to discuss world issues.

Recall that Buhari made similar appeal at the UN meeting in 2021.

When Buhari became president in 2015, Nigeria’s external debt was around N17trn, according to the Debt Management Office, DMO.

Nearing the end of his second tenure, the data from the DMO reveals that Nigeria’s public debt under the Buhari administration currently stands at N42.84 trn.

Buhari, while speaking in NewYork, US, described the external debts facing a number of countries as unsustainable.

“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,” Buhari said.

Buhari assured the UN that he was committed to democratic tenets.

“We believe in the sanctity of constitutional term limits and we have steadfastly adhered to it in Nigeria,” he added.