Nigeria’s President Tinubu Calls for Debt Forgiveness, Multilateralism, and Reforms at UN General Assembly
Nigeria’s President, Bola Tinubu, has made a passionate plea to world leaders at the ongoing 79th Session of the United Nations General Assembly, calling for debt forgiveness for developing countries, multilateralism, and reforms in the international financial architecture.
Speaking on behalf of the African Union, Tinubu highlighted the crippling debt burden faced by many African countries, including Nigeria, which stands at N121.67 trillion ($91.46 billion). He urged creditors and multilateral financial institutions to prioritize debt forgiveness to enable sustainable development.
The President also emphasized the need for the United Nations to promote multilateralism, which he believes is essential for addressing global challenges such as terrorism, climate change, poverty, and economic inequality. He warned that the pursuit of individual national interests was undermining global cooperation and threatening the very existence of the United Nations.
Tinubu expressed concern over the rise of unconstitutional changes of government in some African countries, citing the need for democracy to be supported by economic development and sustained peace and security. He called for reforms in the international financial architecture and a transparent multilateral trading system to promote fair and inclusive economic growth.
The President also spoke on insecurity, terrorism, and climate change, urging the international community to take bold action to address these challenges. He highlighted the devastating impact of climate change on Nigeria, citing the recent flooding that submerged large areas of the country.
Tinubu reaffirmed Nigeria’s commitment to multilateralism and deepening its relations with other countries. He urged the United Nations to adopt bold reforms to give Africa a permanent seat on the Security Council, citing the need for greater representation and participation from developing countries.
The Nigerian leader concluded his address by emphasizing the importance of cooperation and collective action in addressing global challenges. He urged world leaders to prioritize the needs of developing countries and to work together towards a more equitable and prosperous world.
In a statement issued by his office, Tinubu said: “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.”
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