In a compelling address at the 79th United Nations General Assembly, President Bola Tinubu called on world leaders to prioritize debt forgiveness for Nigeria and other developing nations.
Represented by Vice President Kashim Shettima, Tinubu highlighted the urgent need for special concessions and a reevaluation of the overwhelming debt burdens faced by countries in the global South to achieve meaningful economic progress.
He underscored the alarming state of Nigeria’s finances, with domestic and external debts totaling $91.46 billion. The recent report from the Debt Management Office revealed a staggering 122% increase in external debt servicing by Nigerian states, stressing the significant challenges posed by heightened borrowing costs, particularly in states like Kaduna and Lagos.
Tinubu emphasized that comprehensive debt relief measures are essential for sustainable development, and he urged the international community to recover stolen assets to combat corruption and illicit financial flows. “The return of these funds to their countries of origin is a fundamental principle of the United Nations Convention against Corruption,” he asserted.
The President expressed deep concern over the rise of nationalism and individual national interests that threaten the core principles of inclusivity, equality, and cooperation foundational to the UN. He warned that persistent global challenges including terrorism, climate change, and economic inequality demand a united response rather than fragmented efforts.
Reiterating Nigeria’s long-standing commitment to multilateralism, Tinubu reflected on the nation’s dedication to the UN since its admission as the 99th member-state 65 years ago. He advocated for reforms in the international financial system and a transparent, equitable multilateral trading framework to support the needs of developing countries.
Addressing security concerns, Tinubu highlighted the detrimental effects of terrorism and violent extremism, which undermine confidence in democratic governance. He called for international cooperation to restore stability and ensure that citizens can lead secure, fulfilling lives.
