PRESIDENT Bola Tinubu has made a passionate plea to world leaders to prioritize debt forgiveness for Nigeria and other developing countries.
Represented by Vice President Kashim Shettima at the 79th United Nations General Assembly, Tinubu emphasized that countries in the global South cannot achieve meaningful economic progress without special concessions and a review of their current debt burden.
Nigeria’s debt currently stands at N121.67 trillion ($91.46 billion), according to the Debt Management Office’s Q1 2024 report.
This staggering figure underscores the urgent need for debt relief measures.
Tinubu stressed that any reform of the international financial system must include comprehensive debt relief to enable sustainable financing for development.
The President also highlighted other pressing issues, including trade barriers, protectionist policies, and uncontrollable competition, which discourage motivation and hinder global investments.
Furthermore, he called for the recovery of proceeds of corruption and illicit financial flows, citing the United Nations Convention against Corruption.
Tinubu’s appeal is timely, considering Nigeria’s projected debt service is 45% of its expected total revenue in 2024.
His administration has already implemented policies that have impacted the economy, such as the removal of fuel subsidies, which led to a significant increase in transport costs.
As Chairman of the Authority of Heads of States and Government of the Economic Community of West African States, Tinubu’s leadership and advocacy for debt forgiveness and multilateralism are crucial for Nigeria’s economic growth and regional cooperation.