NewStats: 3,262,260 , 8,176,652 topics. Date: Sunday, 01 June 2025 at 04:18 PM 634s1w

Nigeria and other developing nations are amplifying their request for debt relief within the G-24, an assembly of developing economies.

At the ongoing meeting of the International Monetary Fund (IMF) and World Bank in Marrakech, Morocco, the G-24, of which Nigeria is a member, presented a series of appeals.

The G-24 voiced their apprehension regarding the escalating and substantial levels of public debt faced by numerous developing countries.

They emphasized that these nations are grappling with unsustainable debt, making it challenging for them to meet their repayment obligations.

The of the G-24 while acknowledging the G-20 Common Framework, which is a debt relief initiative by the Group of Twenty (G-20) countries, noted that some of the poorest and most vulnerable countries are not benefiting from this debt relief programme.

They therefore called for a durable debt resolution specifically designed to address the debt problems of those excluded countries at the same time demanding for a more comprehensive and sustainable solution to alleviate the burden of debt for these countries and enable their economic growth and development.

Nigeria’s Minister of Finance and Coordinating Minister for the Economy Mr Wale Edun at the Africa Group 1 Constituency Meeting on the sidelines of the IMF/World Bank meeting stated that “our member statement urges an efficient debt resolution framework to post-pandemic recovery and we indeed welcome Zambia’s debt restructuring agreement and call for swift resolution mechanisms for Ethiopia and Malawi.

The G-24 also called for more concessional lending, especially for investments in global public goods and sustainable development such as affordable water and energy.

Wake Edun also called for the “elimination of export restrictions on fertilizer and grains, avoiding protectionist policies and leveraging the normalization of supply chains and shipping costs to reinvigorate global trade”.

At the G-24 meeting, Edun and other finance ministers expressed their concern with the progress on the IMF general quota review. IMF general quota refers to the monetary contribution made by each member country to the International Monetary Fund (IMF).

This quota determines the country’s relative financial and voting power in the institution. The quota is assessed based on each member country’s share of the world economy, including its GDP, openness to trade, and international reserves.

The IMF uses the general quota to fund its lending activities and to provide financial stability to member countries facing economic difficulties. It also plays a vital role in decision-making processes regarding policies and strategies for the organization.

Wale Edun and his fellow finance ministers reiterated their call for the IMF “to remain a quota-based institution in order to bolster the voice and representation of the emerging market and developing economies, who now for a larger share of world GDP”.

https://thenationonlineng.net/nigeria-others-ask-imf-world-bank-for-debt-relief/

No forget any debt


Make them pay am


Stupid government

Even if they cancel the whole debt, we will still end up in debts in ten years

In Wike's voice: it's a shame!

Shameless criminals!

If those lending countries prioritised corruption over decent leadership values, where una for dey see the money borrow?

They'll get that debt relief now and still go ahead to take more loans in the name of infrastructural development.

IMF officials:

To embezzle their share

Tufiakwa

So imf should forgive your debt while the governors and president who squandered the loans should go Scot free without prosecution?Dey play.

So, when they were borrowing left, right and centre, what they had in mind was "debt relief ".

Abeg go and clear your debt.
Criminally minded government!

Nigeria the Begi Begi country.

Loans that are back in the vaults of banks in stinkingly corrupt EU, UK and US. Smh.
Check my signature for free stuffs!

God save Nigeria 🇳🇬

Okay

APC has reduced Nigeria to nothing

Tomorrow if they forgive your debt, you will look them in the eyes and say they are equal partners. Don't you know that the borrower is the slave to the lender?

post=126350606:
God save Nigeria 🇳🇬

God should save you first because your case is severe

Buhari pleaded severally nothing was done. Is it tinubu the certificate forger they will listen to 😂😂😂🏃🏃🏃🏃

NO DEBT FORGIVENESS... ONIGBESE

our debt to GDP ratio is the smallest in the world... we can still borrow, there is no problem.

after all America is indebted in trillions of dollars finance minister under Buhari..



see their life

worst is that 70% of this money end up in private pocket

Africa is a shameless continent. They think they can use the word "developing" to sway people. Always looking for people to pity us, like some sickler.

After sharing the money between yourself, you want make dem forgive the money? Una try

Who says Sai Baba is not a smart guy?



He borrowed trillions to develop the Northern critical infrastructure of roads and railways, knowing that debt relief is definitely coming 😄😄😄😄

Ok
A lot of lending institutions are not even lending to Nigeria anymore
Our credit rating has already been downgraded. We need to improve it before we can have a realistic chance at debt forgiveness
No lender will forgive debt of a country with a dysfunctional fiscal system

They won't consider Nigeria, as long as that packaged fraud is at the helm.

I'll always keep on making reference to Obasanjo. Himself and Okonjo Iweala went all around the world to ask for debt relief from us in 1999

They were at the Paris club begging for our debt to be forgiven. The same debt that Buhari and his fellow Soldiers as Military President put us into when they truncated power in 83 from Shagari.

Despite the Huge debts, Obasanjo was still able to increase the minimum wage to 3500 in 1999. Because the Paris club saw how serious Obasanjo and his team were. They gave us debt relief. We got it.

Let me tell you people something for free. This isn't 1999/2000. Nobody,I repeat Nobody will give us any debt relief this time around because they know the people in power are nothing but osinwin eniyan set of people.

We shall keep on using a chunck of our money to service debts.

Nigerians should start blocking any process of debt borrowing again by any government. Pls manage what we have or leave