Buhari laments debt burden on global south countries

• Published date: 14 January 2023
• Publication title: Nigeria - The Nation

President Muhammadu Buhari, on Friday, lamented the corrosive impacts of heavy debt burden on the Global South countries, saying it has derailed many countries' development plan.

The President, who expressed his dismay while addressing the Global South Virtual Summit from the Presidential Villa in Abuja, however, urged leaders of the countries to agree on a common agenda on ways to reduce the increasing burden of debt and inflation on that region of the world.

According to a statement issued by his Special Adviser on Media and Publicity, Femi Adesina, the President expressed optimism that the meeting, hosted by India, in its capacity as the voice of the South, will address issues of climate change, food security, and access to energy.

'This huge debt burden has significantly derailed many countries' development plans. The effect of the Covid-19 pandemic and the Russia/Ukraine conflict has further aggravated the situation.

'In this regard, I wish to advise fellow leaders to agree on a common agenda to enable us to put forward our collective demands to the Global North through India as the voice of the South.

'I would urge India to further intensify efforts to facilitate the flow of Foreign Direct Investment to the Global South using its leverage as President of G20,' the Nigerian leader said.

Expressing appreciation to the Prime Minister of...