Nigeria Can Not Payback, Creditor Nations Should Forgive Debts Owed Them

Nigerian lawmaker, Smart Adeyemi, has urged developed nations who have served as Nigeria’s benefactors over the years to forgive loan debts owed them, stating that the country can not pay back the huge money.

The Senator representing Kogi West Senatorial District at the National Assembly made this remark at a press conference in Abuja on Wednesday, May 24, admonishing the incoming administration of the President-elect, Bola Tinubu, to champion debt forgiveness.

Adeyemi noted that Nigeria, as well as other third-world countries, should not be allowed to collapse on account of debt overhang, stressing that Nigeria’s debt should be forgiven on account of necessity or even with the global economic recession.

The Nigerian lawmaker asserted that monies stolen from third-world countries are stashed in the creditor nation’s economy, which according to him, are been used to develop their countries.

Adeyemi said: “I urge the creditor nations abroad to as a matter of necessity, forgive the debts since most of the debts were stolen by leaders who later stashed the monies in their countries and with the global economic recession, Nigeria cannot pay the debts any longer.”

Adeyemi said he is opposed to the country taking further loans as he faulted the recent loan request of $800 million by President Buhari.

“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.

“Don’t allow the poor to pay for the sin of the rich. For me, African nations should start to ask for debt forgiveness; we can’t pay. We don’t have the means to pay; they should write it off, and with your support, it will be possible.

“African nations must team up. Developing nations must team up to tell Asia, Europe and America that we can no longer pay any foreign debts.

“We would not allow our people to die; the populace should not die for loans that have been taken, that some are inexplicable.

“For me the $800 million they are asking for, personally, I don’t think it is going to fly in the National Assembly as we are about to wind down, National Assembly will not support any new loan, I don’t think so. If it happens, I will not support it,” the former Kogi Governorship aspirant noted.