Despite criticism back in Nigeria over his numerous loan requests in the past few years, President Muhammadu Buhari appealed to ”rich nations” and international financial institutions for outright debt cancellation for countries ”facing the most severe challenges in the wake of the COVID-19”.
He particularly urged G20 countries to extend their debt suspension initiatives to all developing countries, least developed countries and small island developing states facing fiscal and liquidity challenges.
The World Bank recently ranked Nigeria fifth on the list of 10 countries to which it has the highest debt exposure. Nigeria owes the International Development Association – one of the two lending arms of the World Bank – US$11.7 billion.
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