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PRESIDENT BUHARI APPEALS FOR CANCELLATION OF DEBTS FOR AFRICAN COUNTRIES

In a virtual meeting tagged “High-Level Event on Financing for Development in the Era of COVID-19 and Beyond” convened by Canada, Jamaica and the Secretary-General of the United Nations, President Muhammadu Buhari pleaded for the debt-cancellation of African countries so as to enable poor countries have the required financial resources to defeat the Covid-19 pandemic. Not only that, he also urged the developed nations to assist the poor nations with financial resources.

The President also emphasized that the war against Coronavirus pandemic is a joint one and thus, no country should adopt a me-first mindset in the battle especially since the pandemic has no respect for boundaries. The President did not fail to mention the devastating effects that the virus has had on Nigeria.

He said, “For Nigeria, the shocks are multiple, including the sharp decline in international oil prices which has negatively impacted revenues and growth, worsened external and domestic positions, and further increased banking sector vulnerabilities, resulting in enormous human and economic toll on the country.

”We have been proactive in implementing a number of strong measures, including fiscal, monetary and structural policies, and a multi-front response to the health crisis created by COVID-19 which captures all tiers of Government as well as the private sector.

”Our objective is to revert to the government’s planned medium-term fiscal consolidation path once the crisis is over. Our strategy for macroeconomic stability is anchored on our home-grown Economic Recovery and Growth Plan (ERGP)”.

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