NewStats: 3,259,233 , 8,169,551 topics. Date: Saturday, 24 May 2025 at 12:11 PM 3462r

President Muhammadu Buhari has urged G20 to extend debt suspension initiatives to Nigeria and other developing/least developed countries.

Buhari made the call on Friday while addressing world leaders at the 76th Session of UN General Assembly (UNGA) in New York.

G20 are Argentina, Australia, Brazil, Canada, China, the European Union, , , India, Indonesia, Italy, Japan, Mexico, Russia.

Others include Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. Spain is a permanent guest invitee.

Buhari requested outright debt cancellation for countries facing the most severe challenges occasioned by COVID-19.

The Nigerian leader recalled developing countries faced unsustainable debt burdens even before coronavirus outbreak.

Buhari observed the pandemic had increased the risk of deepening debt, where public resources are allocated to servicing and repayments at the expense of financing for critical needs.

The President commended the drive of international financial institutions and the G20 aimed at mitigating the economic situation of indebted nations.

“The 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”, he said.

The Buhari istration is being criticized for demanding that the Nigerian Senate approve fresh $4.054bn and €710million credit.

In its condemnation, the People’s Democratic Party (PDP) accused the All Progressives Congress (APC) government of trying to sell the country.

The opposition warned that approval of the latest request, plus an additional N5.62trillion loan proposed for the 2022 budget will jerk Nigeria’s liability up to N40trillion.

The presidency has provided a breakdown and insists the borrowings are needed to fund projects and development programmes.

Source: https://dailypost.ng/Buhari-asks-G20-to-cancel-Nigerias-debt-after-fresh-$4bn-€710m-loan-request

Onigbese, go and pay your loan

You're begging they should cancel your debt, yet asking them to approve another $4billion fresh loan , and somebody will tell me that Mr president is not mad.

Guys do you know that every single Nigerian owes the chinco people nothing less than 4.5million naira. And bubu is still borrowing from chiniese people. Guys, we will just wake up one day and see chiniese people taking over our properties, women, etc just because of the gigantic loans we have gotten from them

Very much as expected... The same past procedure!
Go about to source and borrowing then turn around to beg for suspension of debt or outright pardons not to pay....SMH

Kastonkastroll:
Guys do you know that every single Nigerian owes the chinco people nothing less than 4.5million naira. And bubu is still borrowing from chiniese people. Guys, we will just wake up one day and see chiniese people taking over our properties, women, etc just because of gigantic loans we have gotten from them

Stop spewing trash.....it's not possible though the borrowing is outrageous and uncalled for! Howbeit many of your likes keeps saying these trash out of ignorance....how much is the debt? Just imagine 100million Nigerians out of our ever increasing human resourcefulness that get VAT deductions of say $1 weekly for the next 10years...do the math the monies borrowed will be history but we have a very anyhow and dull leadership + politicians in helms of affairs!

Ecne:

He is correct.
You do the calculation yourself, using the statistics of able-bodied Nigerians between the ages 18 and 65 range, you'll be shocked.
And then when you juxterpose further with the number of those financially productive, you should get a result thats closed to his.

For those quoting me.....
My comment is just to denounce the assertions that china will take over the country because of the monies our government keeps borrowing!

Sunnyja:
What exactly is your point?! If the loan clauses says that China can take over our national asset to recover their loans, what is a country without assets?!

Laughable.....shows you know so little about bilateral relationships and country loan acquisition policies.

@SENIORWRITER

Kastonkastroll:
Guys do you know that every single Nigerian owes the chinco people nothing less than 4.5million naira. And bubu is still borrowing from chiniese people. Guys, we will just wake up one day and see chiniese people taking over our properties, women, etc just because of gigantic loans we have gotten from them

lol the world doesn't work that way.

He wants to use cow sense on them.

Kastonkastroll:
Guys do you know that every single Nigerian owes the chinco people nothing less than 4.5million naira. And bubu is still borrowing from chiniese people. Guys, we will just wake up one day and see chiniese people taking over our properties, women, etc just because of gigantic loans we have gotten from them

Bubu is sick o......
He needs medical check up in Nigeria, not all this foreign medical tours....

If I hear ?¿?

Borrowing without having intention to pay

JimmyDarmody:
lol the world doesn't work that way.

He wants to use cow sense on them.

My annoyance is that these dumb politicians take these loans in our names. Go and see what Chinese people are doing to zambians because of the monies they borrowed from them. You will pity zambians. Chinese people are now ing Zambia police. Pitiable state I tell you

Nigeria system of borrowing worse "I better my neighbor" generator.








Kindly check my signature

This dunce wants to be like obj..

Kastonkastroll:
My annoyance is that these dumb politicians take these loans in our names. Go and see what Chinese people are doing to zambians because of the monies they borrowed from them. You will pity zambians. Chinese people are now ing Zambia police. Pitiable state I tell you

I doubt if we will ever get to that stage. It's laughable.

Just like that

Hope they listen.

Madness

Seniorwriter:
Very much as expected... The same past procedure!
Go about to source and borrowing then turn around to beg for suspension of debt or outright pardons not to pay....SMH

Stop spewing trash.....it's not possible though the borrowing is outrageous and uncalled for! Howbeit many of your likes keeps saying these trash out of ignorance....how much is the debt? Just imagine 100million Nigerians out of our ever increasing human resourcefulness that get VAT deductions of say $1 weekly for the next 10years...do the math the monies borrowed will be history but we have a very anyhow and dull leadership + politicians in helms of affairs!

@SENIORWRITER

Just sit down in your dirty room and be typing trash, but when eventually the Chinese people decided to come for their monies your stupid leaders are borrowing up and down, please remind them of one nonsense VAT. Wetin concern chinco man with the nonsense VAT you paid?

If he like he should ask for more.
They've known Nigeria for being a debtor and a wicked that won't want to pay.
They might even be calling him yahoo boy in their mind for asking for debt cancellation.

He's begging for new loans but want them to cancel or suspend the debts he's has accumulated over time? What sort of Oliver twist mentality is this?

They can all see through his ode-ness like a transparent glass, there's nothing genuine about this request just the usual "try ur luck" Nigerian mentality, vibes and insha Allah

I said it b4 hand that the borrow borrow bororo will go there to beg the whole World. Such a monumental disgrace. An almajiri will always remain an almajiri no matter how much he has or how much you give him. Begging is in his DNA.

A clear example of mad man on top hyena. Buhari is a disaster even unto himself.

Bubu Don carry him scamming tactics reach obodo oyibo.......money wey every country dey collect n pay, e reach your turn you dey beg not to pay back.

After another loan? Them swear for this foolish president? I guess this is the "Buhari is going to the UNGA to teach World leaders how to manage economy during pandemic" according to that foolish sai baba zombie called-Femi Adeshina?

So after the chronic debt pillage? Is this how the developed nation of today attained their status-with this bambiallah beggy beggy mentality? Always going to the global stage to disgrace Nigeria

Ok oo

..

Even before borrowing, they know they cannot pay back, they are just mortgaging the future of Nigerians cos na we Dem go still tax to repay all these loans they are collecting and using to build rail to Niger republic

The foolishness of this man and his cronies who put him up to this is legendary! You go about borrowing monies you know you can't pay back, misappropriate such funds on senseless projects and a decent amount of it on non-economic projects such as connecting Niger to Nigeria and then you tell your debtors to outrightly cancel your debts because of COVID-19!!

Your government begged for ventilators, Nigeria has been one of the least COVID-19 impacted countries in the world, death-wise, but this mumu is capitalising on that to have his reckless debts cancelled in order to beg for more.

You are a sovereign nation when you want to kill your citizens, ban Twitter and kill fintechs and the dreams of young Nigerians, but you are a baby before the world when begging for loans. This one's bambiala is not with a bowl and a staff but with an unbelievable amount of entitlement. Disaster jam agbako

They will not cancel the debt without any strings attached. They will get something in return

Our president is possessed. I thought one his aides Adesina said Buhari will teach the world how to run a COVID economy; yet he wants the same people he wants to teach to cancel Nigeria's debts?