During the ongoing 79th United Nations General Assembly (UNGA), Nigerian President Bola Tinubu has made a compelling appeal to world leaders for comprehensive debt forgiveness for Nigeria and other developing countries. Speaking at the high-level meeting, Tinubu underscored the urgent need for financial relief to enable sustainable economic progress in nations facing crippling debt burdens.
A Call for Multilateralism
Represented by Vice President Kashim Shettima, Tinubu emphasised the importance of multilateralism and cooperation among UN member states. He criticised the disproportionate allocation of resources towards military conflicts while neglecting humanitarian needs and development in poorer nations. “Billions of dollars are being committed to the prosecution of wars and the fanning of the embers of conflict, while urgent issues like poverty and hunger remain unaddressed,” he stated.
The Nigerian leader urged world leaders to recommit to multilateral efforts that prioritise collective action over nationalistic pursuits. He warned that the rise of singularity and nationalism threatens global cooperation essential for tackling existential challenges such as climate change, terrorism, and economic inequality.
The Debt Burden
Tinubu’s plea for debt relief is particularly poignant given Nigeria’s current economic climate, characterized by high inflation and rising borrowing costs. He pointed out that countries in the Global South cannot achieve meaningful economic progress without special concessions and a review of their existing debt burdens. “We must ensure that any reform of the international financial system includes comprehensive debt relief measures to enable sustainable financing for development,” he asserted.
This call echoes similar sentiments expressed by former President Muhammadu Buhari during previous UNGA sessions, highlighting a persistent concern among Nigerian leaders regarding the nation’s fiscal challenges.
Permanent Seat on the UN Security Council
In addition to advocating for debt relief, Tinubu reiterated Nigeria’s longstanding demand for a permanent seat on the UN Security Council. He argued that Africa deserves representation commensurate with its contributions to global peace and security. “Africa must be accorded the respect that it deserves in the Security Council,” he stated, emphasizing that Nigeria’s democratic credentials and commitment position it well for this role.
Addressing Root Causes of Instability
Tinubu also expressed concern about recent unconstitutional changes in government across Africa, linking these developments to economic underdevelopment and insecurity. He urged the international community to address root causes such as poverty, hunger, and inequality to foster stability on the continent.
He highlighted Nigeria’s commitment to strengthening democratic institutions supported by economic growth, education, and healthcare as essential components in addressing citizens’ frustrations.
President Bola Tinubu’s address at the 79th UNGA reflects a critical moment for Nigeria as it seeks international support to alleviate its debt burden while advocating for greater representation on global platforms. His call for debt forgiveness and enhanced multilateral cooperation underscores the pressing need for reforms in international financial systems that can empower developing nations. As discussions continue at the UNGA, Nigeria’s leadership aims to galvanise support from other nations in addressing shared global challenges.
By Joseph Johnston,
Youth Editor,
Egogonews Hub
