Sept. 25, 2024

President Bola Tinubu has called for debt forgiveness for Nigeria and other developing countries from creditors and multilateral financial institutions.

Tinubu made the call while addressing world leaders during the General Debate of the ongoing 79th Session of the United Nations General Assembly (UNGA) at the UN headquarters in New York, United States.

This is contained in a statement issued by spokesperson of Vice-President Kashim Shettima, Mr Stanley Nkwocha, on Wednesday.

Tinubu was represented at the global forum by the Vice-President Kashim Shettima.

Tinubu also emphasised the need for reforms in the international financial architecture and a transparent multilateral trading system.

The president expressed the hope that “the adoption of the “Pact for the Future” could change the narrative, reposition economies and translate into concrete measures.

According to him, the measures will provide solutions to the challenges faced by developing and least developed countries.

“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.

Tinubu, who emphasised the dangers of digressing from multilateralism, drew the UN’s attention to the global debt burden undermining the ability of countries and governments to meet the needs of their citizens.

He also said that trade barriers and protectionist policies destroying the hopes for nations, and the uncontrollable competition discouraging motivation and hampering global investments.

“Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures.

” This will ensure a 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 President, therefore, called for the recovery of the proceeds of corruption and illicit financial flows.

He maintained that the return of such funds to countries of origin “is a fundamental principle of 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,” he added

Tinubu called on world leaders to recommit themselves to multilateralism by deepening relations among member states of the UN in line with the principles of inclusivity, equality and cooperation.

This, he said, is the surest guarantee of global action against existential challenges faced by the international community.

The President decried the steep descent to singularity and nationalism which are undermine the quest for peaceful and collective resolution of global challenges.

He said the challenges are terrorism, climate change, poverty, food crises, hyper-inflation, nuclear proliferation and grinding debt burden, among others.

Tinubu also reminded the world leaders that the UN stands for multilateralism which represents inclusiveness, anchored on the tripod of peace, sustainable development and human rights.

He expressed worry about the main objectives of the UN and how it could sustain the global body’s relevance and resilience.

He noted that the pillars of the organisation are at risk of being broken against the principles of inclusivity, equality and cooperation which it stands for.

” 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 and human rights abuses.

” Other challenges are 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.”

The President reaffirmed Nigeria’s steadfast commitment to the deepening of multilateralism as it did 65 years ago when it joined the UN 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 UN, as expressed by our founding Prime Minister, Sir Abubakar Tafawa Balewa.”

Tinubu also lamented the return of unconstitutional changes of government and forceful military coups in some African countries.

He said that the coups attest to how fragile democracy could become when it was not supported by economic development and sustained peace and security.

This, he said, should be of utmost concern in deliberations at the high-level segments of the 79th Session of the UN General Assembly.

” Forceful changes of government have led to the impatience in cities and villages at the sometimes slow and grinding turn of the wheel of democracy.

“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.

On insecurity, Tinubu noted that the menace was plunging citizens into untold hardship and misery that, in turn, affect the people’s confidence in democracy.

He emphasised that bringing back confidence in democratic rule and constitutional order was the duty of the international community.

“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,” he said.

Tinubu, however, assured that the “High-Level African Counter-Terrorism Meeting held 2024 and its outcome – “The Abuja Declaration” – promises to provide solutions to the challenges presented by terrorists and insurgents.”

He also warned against the dangers of climate change, describing it as a driver of insecurity that poses a veritable challenge to sustainable development.

The President recalled the devastating flood in Nigeria which submerged large areas of the country, “including one of our largest cities, Maiduguri, in the North-East.”

He implored the international community to stick to the implementation of the commitments made at the various COP meetings.

He pointed out that failure to do so would amount to postponing the inevitable, as no country is immune from the effects of climate change.

The President observed that conflict prevention was the main reason why the UN was established.

He, however regretted that the task of preventing these conflicts has become arduous following their normalisation.

“Even the condemnation of violence and civilian casualties, and calls for a ceasefire, are somehow regarded as controversial,” Tinubu said.

He listed some of the root causes of conflicts to include poverty, hunger, ignorance, inequality, exclusion and injustice.

Tinubu cited the conflict in Sudan and the war in Gaza and other Palestinian territories.

“What this tells us is that the international community has failed to live up to the spirit and aspirations of the UN to rid the world of inequality, violence and domination of one people by another.

“Justice is antithetical to revenge,” he stated.

He insisted on bold reforms in the UN Security Council with a view to giving Nigeria and other African countries permanent seats at the council.

The President stressed that it has since become imperative for the UN to strengthen its relevance and credibility in a rapidly changing world.

“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.”