President Muhammadu Buhari has called for review of the eligibility criteria for debt suspension, including outright cancellation for developing and less developed countries.
Buhari made call in his speech at the 76th session of the UN general assembly in New York on Friday.
He urged world leaders to urgently consider expansion and extension of the debt service suspension initiative.
Buhari had in May 2021 urged European countries and global financial institutions to consider loan restructure or complete debt relief for African countries to help reduce the impact of the coronavirus pandemic.
“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,” he said.
“In addition, a review of the eligibility criteria for debt suspension, including outright cancellation, is needed for countries facing the most severe challenges.”
