|
Listen to article
|
President Bola Tinubu has made a fervent request to world leaders to prioritize debt forgiveness for Nigeria and other developing nations, highlighting the urgent need for creditors and multilateral financial institutions to provide relief and support for sustainable economic development.
During his remarks, the President urged the United Nations to strengthen its multilateral framework by actively working to build stronger alliances between member states. He argued that only through a commitment to inclusivity, equality, and mutual cooperation can the international community effectively confront the global issues that require unified action.
In his capacity as Chairman of the Authority of Heads of States and Government of ECOWAS, Tinubu addressed world leaders during the prestigious General Debate at the 79th Session of the United Nations General Assembly. Speaking from the UN headquarters in New York, Tinubu used the platform to advocate for stronger ties between nations and underscore the importance of multilateralism.
Speaking on behalf of the President, Vice President Kashim Shettima addressed the international gathering at the high-level annual global event. During the address, the President made it clear that countries in the global South face major economic hurdles, and without specific concessions and a reassessment of their overwhelming debt burden, meaningful progress would remain out of reach.
A statement from Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), revealed the Nigerian President’s appeal to the UN, drawing attention to the pressing issue of the global debt burden that is crippling the efforts of nations to serve their citizens.
Read also: Tinubu Reveals New Plan For Cyber-Criminals, Car Thieves
The President also warned that rising trade barriers and protectionist policies are shattering the economic potential of many countries, while the relentless nature of international competition is stifling motivation and discouraging the flow of global investments.
The Debt Management Office’s Q1 2024 report indicates that Nigeria’s total debt, encompassing both domestic and foreign obligations, has surged to N121.67 trillion, translating to $91.46 billion.
Nigerian states experienced a 122 per cent increase in external debt servicing in the first six months of 2024, reaching N139.92bn compared to N63.06bn in 2023.
The surge reflected heightened borrowing costs amid currency depreciation, significantly impacting subnational expenditure and fiscal health.
Kaduna and Lagos states pay the highest external debt servicing costs, as some states seek relief from rising debt repayment costs.
Speaking on the debt burden, Tinubu said, “Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures, to enable sustainable financing for development.
“Countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden,” he stated.
Tinubu 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.
“Therefore, the international community must promote practical measures to strengthen international cooperation to recover and return stolen assets and to eradicate safe havens that facilitate illicit flows of funds from developing countries to the developed economies.”
The President decried the steep descent to singularity and nationalism which, according to him, were undermining the quest for peaceful and collective resolution of global challenges such as terrorism, climate change, poverty, food crises, hyper-inflation, nuclear proliferation and grinding debt burden, among others.
He took the opportunity to remind world leaders that the United Nations advocates for multilateralism, a system that promotes inclusiveness and is firmly anchored on the tripod of peace, sustainable development, and human rights.
