Buhari at UNGA, rallies against coups in Africa, seeks debt cancellation for developing countries
President Muhammadu Buhari on Friday asked the international community to rise in unison against the intolerable trend of unconstitutional takeover of power, sometimes through what he called “unilateral changes of constitutions” by some leaders in Africa.
Speaking during his speech at the 76th Session of the UN General Assembly, President Buhari equally called for fair and equitable trade policies.
The President, who spoke on the issue of unconstitutional change of government currently rocking the West Africa sub-region, warned that the democratic gains of the past decades in West Africa “are now being eroded” due to these negative trends.
Buhari also asked the developed nations and the international community to consider debt cancellation for developing countries as a way of tacking the growing inequality and poverty.
Critics of the Buhari regime have repeatedly accused him of sinking Nigeria into debt but the Federal Government has defended its borrowings.
The President said such policies will eliminate the need for aid, adding that African countries do not intend to stay indefinitely looking for aid.
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“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.
“Nigeria reaffirms that international trade is an engine for development and sustained economic growth, as well as the global eradication of poverty.
“My delegation would like to reaffirm the critical role that a universal, rules-based, open, non-discriminatory and equitable multilateral trading system can play in stimulating economic growth and development.
“Fair and equitable trade would eventually eliminate the need for aid. My country and indeed all African countries do not intend to stay indefinitely looking for aid. All we need is a fair and equitable system of international trade,” he said.
Credit: Global Upfront
