President Bola Tinubu has urged world leaders to prioritize debt forgiveness for Nigeria and other developing nations from creditors and multilateral financial institutions.
He also called on the United Nations to strengthen multilateralism by fostering deeper cooperation among member states, in line with the principles of inclusivity, equality, and collaboration.
As the Chairman of the Economic Community of West African States (ECOWAS), Tinubu made these remarks through Vice President Kashim Shettima during the General Debate at the 79th Session of the United Nations General Assembly in New York.
He emphasized that meaningful economic progress in the Global South would be unattainable without special concessions and a reassessment of their current debt burdens.
A statement from the Senior Special Assistant to the President on Media and Communications, Stanley Nkwocha, highlighted Tinubu’s concerns about the global debt burden hindering governments’ ability to meet citizens’ needs.
He also criticized trade barriers and protectionist policies, which, according to him, are stifling global investments and economic development.
According to the Debt Management Office’s Q1 2024 report, Nigeria’s domestic and external debt stands at N121.67 trillion ($91.46 billion). In the first half of 2024, Nigerian states saw a 122% increase in external debt servicing, driven by rising borrowing costs and currency depreciation.
This surge has strained subnational budgets, with Kaduna and Lagos states bearing the highest debt servicing costs.
Tinubu stressed the importance of comprehensive debt relief as part of international financial system reforms to ensure sustainable development.
He also urged the recovery of proceeds from corruption and illicit financial flows, advocating for stronger international cooperation to return stolen assets to their countries of origin, as outlined in the UN Convention against Corruption.
The President expressed concern about the growing trend of nationalism, which he said undermines the pursuit of peaceful and collective solutions to global challenges such as terrorism, climate change, poverty, food crises, inflation, and nuclear proliferation. He reminded world leaders that the UN was founded on the principles of peace, sustainable development, and human rights, and warned that these pillars are at risk due to the prioritization of national interests over collective needs.
Tinubu reaffirmed Nigeria’s commitment to multilateralism, citing the nation’s long-standing dedication to the UN since becoming its 99th member state. He also expressed alarm over the resurgence of military coups and unconstitutional changes in government across Africa, attributing these developments to the fragility of democracy in the absence of economic growth, peace, and security.
He called for reforms in the international financial architecture and a fair, inclusive multilateral trading system. Tinubu expressed optimism that the adoption of the “Pact for the Future” would help address the challenges facing developing and least-developed countries, fostering economic transformation.
On security, Tinubu stressed that terrorism, banditry, and insurgency are undermining democratic governance and plunging citizens into hardship.
He called on the international community to support efforts to restore confidence in democracy and constitutional order, as well as to combat the growing threat of violent extremism, which remains a critical challenge to both national and global peace and development.
