Smart Adeyemi, a Nigerian lawmaker, has pleaded with developed countries that have helped to subsidise Nigeria over the years to forgive loan responsibilities owed them because Nigeria is unable to repay the huge sum.
During a news conference on May 24 in Abuja, the senator who represents Kogi West Senatorial District in the National Assembly said this, urging the Bola Tinubu administration to support debt forgiveness.
Adeyemi emphasised that Nigeria's debt should be forgiven due to necessity or even with the current global economic slump, noting that third world countries like Nigeria should not be allowed to collapse due to debt burden.
The Nigerian senator claimed that funds stolen from developing nations are hidden in the economies of their creditors and used to advance those nations.
Adeyemi criticised President Buhari's recent loan request of $800 million and declared that he is against the nation taking out additional debts.
He asserted that there is no harm in refusing to pay back debts.
He claimed that due to the global economic downturn, Nigeria is unable to pay back the loan. To understand why, he suggested that Europe should take a close look at the money transfers from Africa to their country over the previous ten years.
In his words, “There is nothing bad in saying no to the repayment of debts. With the economic recession, we cannot pay; you know why we cannot pay, in the last 10 years, Europe should look at the capital flows from Africa to their nation.
“Let them probe all the monies that came from African nations. A good percentage of these monies were stolen money. So let them take their loans from the money that has been stashed in their nation."
According to him, Nigeria's creditors shouldn't make the underprivileged pay for the sins of the wealthy.
He stated that African countries should start requesting debt forgiveness since they are unable to pay. They should write it off because Africa don't have the money to pay.
He argued that African countries must cooperate. Developing countries must band together to notify Asia, Europe, and America that they are unable to pay any of their outstanding loans.
“We would not allow our people to die; the populace should not die for loans that have been taken, that some are inexplicable."
Source: Daily Post