Creditor nations should forgive debts, stolen funds stashed in their countries – Senator Adeyemi

March 3rd, 2024 10:08 pm

Creditor nations should forgive debts, stolen funds stashed in their countries – Senator Adeyemi

Smart Adeyemi, a senator from Kogi West Senatorial District, has urged creditor nations to waive debts owed to them because they have used the money that has been embezzled from developing nations to develop their own countries.

He claimed that the debt burden in Nigeria and other developing nations should be forgiven due to need or even the current global economic downturn in order to prevent their collapse.

At a news conference on Wednesday in Abuja, the legislator and former gubernatorial candidate said that the next administration of President-elect Asiwaju Ahmed Bola Tinubu should support debt forgiveness.

“I urge the creditor nations abroad to as a matter of necessity forgive the debts,” the man stated. “The majority of the debts were stolen by leaders who later stashed the money in their nations, and with the global economic recession Nigeria cannot pay the debts any longer.”

Adeyemi criticized President Buhari’s recent loan request of $800 million and declared that he is against the nation taking out additional debts.

“There is nothing wrong with refusing to pay back debts because of the economic downturn; if you want to understand why we can’t pay, look at the financial flows from Africa to Europe over the past ten years.

“Let them look into every dollar that originated in African countries. Most of these funds were stolen, unfortunately. So let them use the funds that have been kept in reserve in their country to pay off their loans.

“Don’t make the poor pay for the transgressions of the wealthy. I believe that African countries should begin to request debt forgiveness because they are unable to pay and lack the resources to do so. With your help, this will be feasible.

“African countries must cooperate. To inform Asia, Europe, and America that we are unable to pay any of our foreign loans, developing nations must band together.

“We wouldn’t let our people die, and the general public shouldn’t perish as a result of loans that have been taken, some of which are mysterious.

“I don’t think the National Assembly will approve the $800 million they are requesting since we are about to come to an end and they will not back any further loans, in my opinion. I won’t support it if it happens,” he declared.

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