In a passionate plea, Senator Smart Adeyemi, representing Kogi West Senatorial District, has urged creditor nations to forgive the debts owed to them by developing countries. The senator argues that many of these debts were accumulated through the embezzlement of funds, which were then stashed in the creditor nations for their own development. Adeyemi specifically highlights Nigeria’s predicament and emphasizes the need for debt forgiveness, especially considering the global economic recession.

Speaking at a press conference in Abuja, Senator Adeyemi called on the incoming administration led by President-elect Asiwaju Ahmed Bola Tinubu to champion the cause of debt forgiveness. He implored creditor nations to recognize that the stolen funds used to accumulate these debts were illicitly acquired by corrupt leaders who later hid the money in foreign countries. Adeyemi argues that given the current economic challenges faced by Nigeria and other developing nations, it is no longer feasible to continue repaying these debts.

Expressing his opposition to further loan acquisitions, the senator criticized President Buhari’s recent request for an $800 million loan. He emphasized that in light of the economic recession, the country simply cannot afford to take on more debt. Adeyemi believes that Europe, in particular, should reflect on the capital flows that have occurred from Africa to their own nations over the past decade. He suggests that a significant portion of these funds was derived from stolen money, and therefore, creditor nations should consider repaying themselves by confiscating these illicitly acquired assets.

Senator Adeyemi appeals to the principle of fairness, arguing against burdening the poor with the consequences of the rich’s misdeeds. He proposes that African nations unite and demand debt forgiveness from Asia, Europe, and America. He firmly believes that developing nations should no longer bear the weight of foreign debts, and instead, call for the debts to be written off.

Regarding the $800 million loan request, the senator expresses doubt about its approval in the National Assembly. As the current session nears its end, Adeyemi predicts that the National Assembly will not support any new loan proposal. He emphasizes his personal opposition to the loan and vows not to lend his support to it if it is presented.