In Nigeria’s national statement delivered at the 79th session of the United Nations General Assembly (UNGA) late Tuesday, President Bola Tinubu, made an appeal to global leaders, urging them to prioritize debt forgiveness for Nigeria and other developing nations.
The president emphasized the need for relief from multilateral financial institutions and creditors during the 79th Session of the UNGA in New York.
Represented by Vice President Kashim Shettima, Tinubu stressed that the nations of the Global South cannot achieve meaningful economic progress without concessions on their overwhelming debt burdens.
His call for debt relief and reforms came amid the pressing economic challenges these nations face.
In a press release issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), the Nigerian leader highlighted to the UN how the global debt crisis is crippling countries’ abilities to address the needs of their citizens.
He also pointed out that trade barriers and protectionist policies are shattering nations’ aspirations, while unchecked competition is stifling motivation and obstructing global investment opportunities.
The Debt Management Office, in its Q1 2024 report, revealed that Nigeria’s total domestic and external debts amounted to ₦121.67 trillion ($91.46 billion).
With state governments seeing a 122% increase in external debt servicing in the first half of 2024, the economic strain has been severe, with Kaduna and Lagos states paying the highest servicing costs.
During the first half of 2024, Nigerian states witnessed a 122% rise in external debt servicing, reaching ₦139.92 billion, up from ₦63.06 billion in 2023.
This increase was driven by escalating borrowing costs due to currency depreciation, which has severely affected state-level spending and fiscal stability.
Addressing world leaders, Tinubu stated, “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.”
The Nigerian leader also called for the recovery of funds lost through corruption and illicit financial flows.
He urged international cooperation to recover and return stolen assets, noting that the return of such funds to their countries of origin is essential under 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 Nigerian leader said.
Tinubu expressed concerns over rising nationalism and unilateralism, warning that these trends threaten global peace and cooperation.
He argued that such an inward focus detracts from efforts to tackle pressing issues like terrorism, climate change, poverty, food crises, inflation, and growing debt.
The President also underscored that multilateralism, rooted in inclusivity, equality, and cooperation, remains the surest path toward addressing these challenges.
Reflecting on global conflicts and other ongoing crises, Tinubu highlighted the UN’s failure to achieve its core objectives, stating that billions of dollars are funneled into wars and conflicts rather than resolving issues such as poverty, hunger, and inequality.
“Today, these pillars of our organisation are threatened. They risk being broken by the relentless pursuit of individual national priorities rather than the collective needs of the nations that are assembled here today.
“While commitment to multilateralism offers us the surest guarantee of global action to address the existential challenges we face, singularity and nationalism are undermining the aspirations towards the peaceful and collective resolution of such challenges.
“From last year’s summit, and indeed from previous years, we have carried over the numerous challenges of terrorism, armed conflict, inequality, poverty, racial discrimination, human rights abuses, food crises, hunger, irregular migration, piracy, global pandemics, hyper-inflation, nuclear proliferation, grinding debt burden, climate change, and a host of other vexations.
“The continued manifestation of these challenges testifies to our failings rather than to any lofty achievements on our part. Billions of dollars are being committed to the prosecution of wars and the fanning of the embers of conflict,” he said.
Tinubu reaffirmed what he termed “Nigeria’s steadfast commitment to the deepening of multilateralism,” just as it did 65 years ago when it joined the United Nations as the 99th member-state.
“We remain committed to that desire to remain friendly with all nations and participate actively in the works of the United Nations, as expressed by our founding Prime Minister, Sir Abubakar Tafawa Balewa,” he said.
Speaking on Africa, Tinubu expressed deep concern over the resurgence of military coups and unconstitutional changes in governance.
He explained that these events underscore the fragility of democracy when not accompanied by economic development, peace, and security.
These challenges, he said, must be a central focus of deliberations at the UNGA, as the lack of development and security fuels dissatisfaction among African citizens.
“Our people need employment. They need decent livelihoods. They desire good and affordable education and healthcare for their children and families. They need to live in healthy, safe and secure environments. They need hope and they need opportunity,” he added.
Tinubu also called for reforms in the global financial system and a fair, transparent multilateral trading regime.
He urged that the “Pact for the Future” be used to reposition developing economies and implement concrete measures to overcome their unique challenges.
“It is for this and other reasons that we reiterate the call by countries, especially of the global South, for reform of the international financial architecture and promotion of a rules-based, non-discriminatory, open, fair, inclusive, equitable and transparent multilateral trading system,” he noted.
Addressing the issue of insecurity, Tinubu highlighted how it has driven citizens into extreme hardship, eroding their trust in democracy.
He emphasized that restoring confidence in democratic governance and constitutional order is a responsibility that rests with the global community.
He stated, “We cannot build durable societies with the threat of terrorism, banditry and insurgency growing in our countries and regions. Indeed, violent extremism remains an existential threat to both national and international peace, security and development. We are making concerted efforts to contain and roll back this threat.”
Tinubu reassured world leaders that the “High-Level African Counter-Terrorism Meeting” hosted by Nigeria in April 2024, along with its outcome—The Abuja Declaration—aims to offer practical solutions to address the challenges posed by terrorism and insurgencies.
Tinubu also warned of the growing risks posed by climate change, citing the devastating floods in Nigeria that submerged parts of the country, including Maiduguri.
He called for the international community to honor their commitments made at various Conference of the Parties (COP) meetings, arguing that the consequences of climate inaction would affect every nation.
The President also spoke on the role of the United Nations in conflict prevention, lamenting the normalization of global conflicts.
Tinubu pointed out that conflict prevention was a core objective of the United Nations at its inception. However, he expressed regret that this mission has become increasingly difficult, as conflicts have become normalized.
“When even the condemnation of violence, civilian casualties, and calls for a ceasefire are viewed as controversial,” he remarked, it becomes clear how challenging the task has become.
He went on to outline key root causes of global conflicts, including poverty, hunger, ignorance, inequality, exclusion, and other forms of injustice.
He referenced specific conflicts, such as those in Sudan and the war in Gaza and other Palestinian territories, as examples.
“What this tells us is that the international community has failed to live up to the spirit and aspirations of the United Nations to rid the world of inequality, violence and domination of one people by another. Justice is antithetical to revenge,” he emphasized.
The President also called for significant reforms in the United Nations Security Council, advocating for permanent seats for Nigeria and other African nations.
He stressed the urgency for the UN to enhance its relevance and credibility in an increasingly fast-paced global landscape.
The United Nations Security Council (UNSC) is one of the six key organs of the UN, responsible for maintaining international peace and security. It comprises 15 members, with the five permanent members holding veto power.
The Security Council plays a critical role in recommending the admission of new members to the UN General Assembly and approving amendments to the UN Charter.
Additionally, the UNSC has the authority to initiate peacekeeping missions, impose international sanctions, and authorize military actions when necessary to address global security threats.
Tinubu said, “Some permanent members of the United Nations Security Council have offered encouraging, if tentative, indications of support on the issue of reform of the Council. We welcome the change in tone and urge an acceleration in momentum to the process.
“The Security Council should be expanded, in the permanent and non-permanent member categories, to reflect the diversity and plurality of the world. We fully support the efforts of Secretary-General Guterres in this regard.
“Africa must be accorded the respect that it deserves in the Security Council. Our Continent deserves a place in the permanent members category of the Security Council, with the same rights and responsibilities as other Permanent Members.”
Tinubu concluded by urging the UN to accelerate the momentum toward Security Council reform, pointing out that some permanent members had expressed tentative support.
He reaffirmed Nigeria’s commitment to multilateralism and cooperation, stressing that only through collective action can the world hope to resolve the existential challenges it currently faces.