By Abukakar Hashim
As both external and domestic debts mitigate climate change challenges particularly for Less Developed Countries LDCs, international campaigners at the ongoing COP26 summit in Glasgow, including Action Aid, Oxfam and others, have spoken in unison that”…..debt cancellation is crucial in paving fiscal space to mitigate climate change calamities in LDCs
The coalition of campaigners at the ongoing climate summit expressed the looming debt crisis, particularly for African countries Sub Sahara Africa, SA, is the worst hit
SA, for instance, has a total public debts as at 2020, 30.71 Trillion Leone or 3 Billion Dollars. External Debts accounted 20.5 Trillion Leones or 1.69 Billion Dollars, while Domestic Debts accounted for 10.66 Trillion Leones or 1.04 Billion Dollars.
This upward burrowing trajectory bears the same hallmarks for all African countries including Nigeria, Africa’s largest oil producer and exporter.
Burrowing is to meet Development objectives particularly public infrastructure and projects for the people
The campaigners at COP26 are championing for a speedy, full debt relief and cancellation for LDCs
Their main thrust is that continued debt payments will severely impede commitments to environmental catastrophes, human capital development and other pressing national demand COP26 is a fertile arena to detail these burning issues to multi-lateral and bilateral creditors for debt cancellation to mitigate a looming climate change crisis.
