{"id":86305,"date":"2021-09-24T22:08:24","date_gmt":"2021-09-24T21:08:24","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=86305"},"modified":"2021-09-24T22:08:24","modified_gmt":"2021-09-24T21:08:24","slug":"unga-buhari-asks-g20-to-cancel-nigerias-debt-after-fresh-4bn-e710m-loan-request","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/unga-buhari-asks-g20-to-cancel-nigerias-debt-after-fresh-4bn-e710m-loan-request\/","title":{"rendered":"UNGA: Buhari asks G20 to cancel Nigeria\u2019s debt after fresh $4bn, \u20ac710m loan request"},"content":{"rendered":"<div id=\"m8667\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">President Muhammadu Buhari has urged G20 to extend debt suspension initiatives to Nigeria and other developing\/least developed countries.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal  \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\n<div dir=\"auto\">\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Buhari made the call on Friday while addressing world leaders at the 76th Session of UN General Assembly (UNGA) in New York.<\/div>\n<div dir=\"auto\">\nG20 members are Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia.<\/div>\n<div dir=\"auto\">\nOthers include Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. Spain is a permanent guest invitee.<\/div>\n<div dir=\"auto\">\nBuhari requested outright debt cancellation for countries facing the most severe challenges occasioned by COVID-19.<\/div>\n<div dir=\"auto\">\nThe Nigerian leader recalled developing countries faced unsustainable debt burdens even before coronavirus outbreak.<\/div>\n<div dir=\"auto\">\nBuhari 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.<\/div>\n<div dir=\"auto\">\nThe President commended the drive of international financial institutions and the G20 aimed at mitigating the economic situation of indebted nations.<\/div>\n<div dir=\"auto\">\n\u201cThe 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\u201d, he said.<\/div>\n<div dir=\"auto\">\nThe Buhari administration is being criticized for demanding that the Nigerian Senate approve fresh $4.054bn and \u20ac710million credit.<\/div>\n<div dir=\"auto\">\nIn its condemnation, the People\u2019s Democratic Party (PDP) accused the All Progressives Congress (APC) government of trying to sell the country.<\/div>\n<div dir=\"auto\">\nThe opposition warned that approval of the latest request, plus an additional N5.62trillion loan proposed for the 2022 budget will jerk Nigeria\u2019s liability up to N40trillion.<\/div>\n<div dir=\"auto\">\nThe presidency has provided a breakdown and insists the borrowings are needed to fund projects and development programmes.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>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&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":86306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-86305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UNGA: Buhari asks G20 to cancel Nigeria\u2019s debt after fresh $4bn, \u20ac710m loan request - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/unga-buhari-asks-g20-to-cancel-nigerias-debt-after-fresh-4bn-e710m-loan-request\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UNGA: Buhari asks G20 to cancel Nigeria\u2019s debt after fresh $4bn, \u20ac710m loan request - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"President Muhammadu Buhari has urged G20 to extend debt suspension initiatives to Nigeria and other developing\/least developed countries. 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