United Nations Begs Rich Nations To Assist Indebted nations , Nigeria, Others

Written by on October 11, 2022

The United Nations is calling for more flexibility from developed countries in easing the growing debt burden of poorer nations, including Nigeria.

Recall that last September, President Muhammadu Buhari begged the global community to consider “outright debt cancellation” for countries facing severe fiscal challenges. In July, the Central Bank of Nigeria raised the alarm over Nigeria’s increasing debt profile under Mr Buhari’s regime, expressing concerns over debt sustainability in the face of global uncertainties.

According to the head of the United Nations Development Programme (UNDP), Achim Steiner, the debt crisis threatens to spill over to an entrenched sustainable development crisis.

He added that there was fear that affected countries, particularly in Africa and Latin America, will no longer be able to afford spending to cope with the coronavirus pandemic or to meet sustainable development and climate goals.


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