President Bola Tinubu of Nigeria has called on world leaders to prioritize debt forgiveness for Nigeria and other developing countries from creditors and multilateral financial institutions.
Represented by Vice President Kashim Shettima at the 79th United Nations General Assembly, Tinubu emphasized that countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden.
According to the Debt Management Office, Nigeria’s domestic and external debts stood at N121.67tn ($91.46bn) in Q1 2024, with a 122% increase in external debt servicing.
“Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures, to enable sustainable financing for development,” Tinubu stated.
“Countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden,” he added.
Tinubu also called for the recovery of proceeds of corruption and illicit financial flows, stating that the return of such funds to countries of origin “is a fundamental principle of the United Nations Convention against Corruption.”
The President expressed concern about the rise of singularity and nationalism undermining global efforts to address terrorism, climate change, poverty, and inequality.
“Today, these pillars of our organisation are threatened. They risk being broken by the relentless pursuit of individual national priorities rather than the collective needs of the nations that are assembled here today.”
Tinubu reaffirmed Nigeria’s commitment to multilateralism, citing its 65-year history with the UN.
Regarding recent developments in Africa, Tinubu lamented the return of unconstitutional changes of government and forceful military coups.
“Our people need employment. They need decent livelihoods. They desire good and affordable education and healthcare for their children and families. They need to live in healthy, safe and secure environments. They need hope and they need opportunity.”
The President called for reforms in the international financial architecture and a transparent multilateral trading system.
“We cannot build durable societies with the threat of terrorism, banditry and insurgency growing in our countries and regions,” Tinubu noted.
Tinubu warned against climate change, describing it as a driver of insecurity that poses a veritable challenge to sustainable development.
The President emphasized conflict prevention as the UN’s primary goal but regretted that normalization of conflicts has made prevention challenging.
Peace OdekunleSeptember 25, 20241 Mins read
