‘Nigeria is calling for Debt Forgiveness of member states from International financial institutions’-President Muhammadu Buhari

…Members need to use funds withstand the fallout of the Coronavirus pandemic

* ‘We are urging official lenders to help cushion the pandemic fallout with outright debt cancellation’

* Fact: Nearly half of Nigeria’s outstanding external debt is with multilateral lenders, led by the World Bank Group with $10.1 billion. Beijing-based Export-Import Bank of China is the second-biggest creditor with loans totaling $3.2 billion, while Eurobonds account for $10.86 billion or 39% of external debt

*BY ADEOLA EKUNDAYO/REPORTER, ABUJA

IN VIEW of the deadly Coronavirus pandemic ravaging the world, Nigeria’s President Muhammadu Buhari has requested the international financial institutions to cancel the debt obligations of member states to help them withstand the fallout of the Coronavirus pandemic. He maintained that debt forgiveness will help combat the fallout of the Covid-19 disease.

In a meeting with other heads of state from the Non-Aligned Movement, Buhari urged official lenders to help cushion the pandemic fallout with “outright debt cancellation,” according to a statement sent by his office.

Nearly half of Nigeria’s outstanding external debt is with multilateral lenders, led by the World Bank Group with $10.1 billion. Beijing-based Export-Import Bank of China is the second-biggest creditor with loans totaling $3.2 billion, while Eurobonds account for $10.86 billion or 39% of external debt.

In April, Finance Minister Zainab Ahmed said the government is seeking a temporary suspension from multilateral and bilateral creditors to unlock funds to battle the illness that is spreading fast in Africa’s most populous country.

The West African country received $3.4 billion in emergency financing from the International Monetary Fund last week, but currently holds no outstanding debt with the global lender.

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