Nigeria’s President Buhari Ask for Financial Obligation Forgiveness

Nigerian Head of state Muhammadu Buhari prompted international financial institutions to terminate the debt obligations of member states to help them withstand the after-effects of the coronavirus pandemic.

In a meeting with other heads of state from the Non-Aligned Motion, Buhari advised main loan providers to aid support the pandemic results with “straight-out debt termination,” according to a statement sent by his office.

READ ALSO: Bill Gates Unveils New RNA Vaccination With ‘CODE’, Lists Four Means To Combat Coronavirus

Almost half of Nigeria’s exceptional external financial debt is with multilateral lending institutions, led by the Globe Institution Team with $10.1 billion. Beijing-based Export-Import Financial Institution of China is the second-biggest financial institution with finances amounting to $3.2 billion, while Eurobonds account for $10.86 billion or 39% of external financial obligation.

In April, Financing Minister Zainab Ahmed stated the government is seeking a momentary suspension from multilateral and bilateral financial institutions to unlock funds to battle the illness that is spreading out quickly in Africa’s most populous country.

The West African country obtained $3.4 billion in emergency situation funding from the International Monetary Fund last week, however, currently holds no arrearage with the global lender.