Photo Courtesy, Ripples Nigeria

President Muhammadu Buhari has called on European countries and global financial institutions to consider granting debt relief for African countries.

Buhari who is currently in France where he is attending the Financing Africa Summit held at Grande Palais Ephemere, said on Tuesday that such a relief would assist African countries in reducing the devastating effect of the Coronavirus pandemic on the continent. 

In a statement by the President’s Senior Special Assistant on Media and Publicity, Garba Shehu, titled ‘President Buhari seeks debt relief for African countries, says PPP will reduce corruption, speed growth,’ the President is quoted as saying that the fall in “commodity prices as COVID-19 took a toll on the global economy further slowed growth in some countries and strained health facilities.”

Read also: Buhari’s govt piling up ‘debt that leads to death’

“It is in this vein that we solicit the support of the French government with its influence in the European Union to lend its voice to the efforts being made to mobilise additional resources for developing economies most especially Africa in order to strengthen the quantum of investments to our economies. 

“This financial support should also be extended to the private sector,” the statement reads. 

According to Buhari, many African countries were already experiencing debt distress and the Debt Service Suspension by France and G-20 does not go far enough, adding that there was a need for more sustainable and affordable financing solutions, including debt relief and further debt restructuring. By Isaac Dachen, Ripples Nigeria…