President Bola Tinubu has called for debt forgiveness for Nigeria and other developing countries at the ongoing 79th United Nations General Assembly (UNGA) in New York.
Tinubu, represented by Vice-President Kashim Shettima, urged multilateral financial institutions and global creditors to implement comprehensive debt relief measures to support economic progress in the Global South.
“Countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden,” Tinubu stated.
The president highlighted that the current global financial architecture places undue pressure on developing nations, hindering their efforts to improve citizens’ welfare.
He also pressed for reforms in international financial systems, calling for a “rules-based, non-discriminatory, open, fair, inclusive, equitable, and transparent multilateral trading system.”
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According to him, such changes are essential to addressing the persistent challenges developing countries face, from poverty to hyperinflation.
The Nigerian president further stressed the importance of recovering illicit financial flows and returning stolen assets to their countries of origin.
“The international community must promote practical measures to strengthen international cooperation to recover and return stolen assets,” Tinubu urged.
In addressing global security threats, Tinubu reiterated the need for international collaboration to combat terrorism, climate change, and growing inequalities.
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He warned that singularity and nationalism undermine multilateralism, a critical global peace and development pillar.
Tinubu’s speech also echoed his stance on the reform of the UN Security Council, advocating for Africa’s permanent representation.
“Africa must be accorded the respect that it deserves in the Security Council,” he insisted, emphasising the need for global diversity in decision-making.