By Emmanuel Antswen
Makurdi residents on Saturday called on international creditors to automatically suspend debt repayments for developing countries affected by pandemics and natural disasters.
The residents, who are mostly from the Adaka Community of Makurdi Local Government Area of Benue, made the call during a community advocacy programme organised by the AIDS Healthcare Foundation (AHF) Nigeria.
They urged global lenders to reduce interest rates on loans to enable developing nations to invest more in healthcare, education, water supply and other critical infrastructure.
They also decried the impact of rising debt servicing on social development.
President of Advocacy Club Adaka, Mr Moses Usuwe, said African countries continued to bear heavier borrowing costs than developed nations despite their development challenges.
According to him, there is an urgent need for fairness and equity in the global lending system.
“We are advocating freedom from unjust debt burdens. There should be equity in the global lending system,” he said.
Usuwe proposed the establishment of a borrowers’ forum to enable developing countries to negotiate collectively for better lending terms.
He also called for the allocation of one per cent of global Artificial Intelligence (AI) revenues to healthcare, education and infrastructure in Africa.
“When countries experience floods, COVID-19, Ebola or any major disaster, debt repayment should be suspended until they recover,” he said.
The Public Relations Officer of Advocacy Club Adaka, Mrs Eunice Idoko, said excessive debt servicing had continued to deprive rural communities of basic infrastructure.
She cited the persistent water shortage in Adaka, saying many women spend several hours daily searching for water because of inadequate public investment.
“If government spends less on debt servicing, more resources can go to potable water and other critical needs,” she said.
Also speaking, an advocate, Mrs Richesl Uzo, called for debt moratoriums for countries battling public health emergencies and natural disasters.
AHF Nigeria’s Senior Advocacy Manager, Mr Steve Aborisade, said many developing countries were willing to improve healthcare and social services but were constrained by mounting debt obligations.
He said a borrowers’ forum would strengthen the bargaining power of developing nations and help secure lower interest rates, thereby freeing resources for health, education, roads and water projects.
Aborisade also urged governments and major AI companies to dedicate one per cent of global AI revenues to debt relief and social protection programmes.
He cited figures indicating that about 3.4 billion people live in countries that spend more on debt servicing than on health or education.
He said two out of every three African countries spend more on debt interest than healthcare.
“Africa is not poor; it is being drained. We are asking for fairer repayment terms,” he said.
A traditional ruler, Chief Nicholas Angbianshio of Mbagbaange, commended AHF Nigeria for its advocacy and interventions.
Angbianshio expressed hope that the campaign would attract greater global attention to the debt challenges facing developing countries. (NAN)