Creditor countries should forgive debts and keep stolen funds in their countries, according to Senator Adeyemi.

Senator Smart Adeyemi of Kogi West Senatorial District has called on creditor countries to forgive debts owed them because money stolen from third-world countries is stashed in their countries, which they have used to develop their countries.

He stated that Nigeria and other third-world countries should not be allowed to collapse due to debt overhang, and that Nigeria's debt should be forgiven due to necessity or even the global economic downturn.

The lawmaker and former governorship aspirant stated this at a press conference in Abuja on Wednesday, saying that the incoming administration of the President-elect, Asiwaju Ahmed Bola Tinubu should champion debt forgiveness.

He 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 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”, he said.

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