Nigeria’s President Buhari Ask for Financial Obligation Forgiveness

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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.

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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.

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