By DAYO ADESULU
In a compelling address at the 79th Session of the United Nations General Assembly (UNGA 79) held in New York, Nigerian President Bola Tinubu urged world leaders to prioritize debt forgiveness for Nigeria and other developing nations. This urgent plea comes as countries around the globe grapple with economic challenges exacerbated by rising debt levels and the ongoing impacts of the COVID-19 pandemic.
During his keynote speech, President Tinubu emphasized that developing countries, particularly those in the global South, cannot achieve meaningful economic progress without significant concessions and a thorough review of their existing debt burdens. He pointed out that the current financial landscape is disproportionately favorable to wealthier nations, leaving developing countries struggling under the weight of unsustainable debt.
Nigeria’s financial situation is particularly concerning, as the country’s domestic and external debts have soared to an alarming N121.67 trillion (approximately $91.46 billion). The President highlighted a troubling trend: a significant increase in external debt servicing costs, which has placed additional strain on the nation’s fiscal health. This alarming statistic underscores the urgent need for international support and debt relief initiatives aimed at alleviating the financial pressures faced by Nigeria and similar economies.
In addition to addressing the debt crisis, President Tinubu called for a renewed commitment to multilateralism, urging the United Nations to strengthen its relations among member states. He advocated for a global framework founded on inclusivity, equality, and cooperation, emphasizing that only through collective action can the international community effectively tackle pressing global challenges, including poverty, climate change, and terrorism.
A significant focus of Tinubu’s address was the pervasive issue of corruption and the illicit flow of funds from developing nations to wealthier countries. He asserted that recovering the proceeds of corruption is not just a matter of economic justice but a fundamental principle enshrined in the United Nations Convention against Corruption. He urged the international community to work together to facilitate the return of stolen assets to their countries of origin, reinforcing the need for stronger cooperation in combating corruption.
The President also expressed deep concern over the rise of nationalism and singularity, which he believes threaten the quest for peaceful resolutions to global issues. He cautioned that these tendencies undermine the collaborative spirit necessary for addressing existential challenges such as climate change, poverty, and insecurity.
In discussing the fragility of democracy in Africa, President Tinubu highlighted the alarming trend of unconstitutional changes in government across the continent. He linked this instability to a lack of economic development and sustained peace, arguing that strong democratic institutions must be supported by robust economic frameworks to prosper.
Furthermore, he called for urgent reforms within the international financial architecture, advocating for a transparent and equitable multilateral trading system designed to uplift developing nations. This reform is essential for fostering an environment conducive to economic growth and stability.
Security concerns were also a significant theme in Tinubu’s address. He reiterated the urgent need for collective international action to combat terrorism and violent extremism, emphasizing that insecurity poses a severe threat to both national and international peace and development. The President called on global leaders to join forces in tackling these security challenges, which have dire implications for democratic governance.
In addition to these pressing issues, President Tinubu addressed the critical threat posed by climate change, urging the international community to reaffirm its commitments made at various climate conferences. He warned that failure to act decisively on climate commitments would have catastrophic consequences, not only for Nigeria but for countries worldwide.
Finally, President Tinubu advocated for bold reforms in the UN Security Council, seeking permanent seats for Nigeria and other African nations to ensure fair representation in global decision-making processes. He argued that the Security Council must reflect the diversity and plurality of the world to effectively address contemporary challenges.
As the session concluded, President Tinubu’s call for debt forgiveness, multilateral cooperation, and comprehensive reforms resonated with the urgency of the current global landscape. His vision for a more inclusive and equitable world reflects the aspirations of many developing nations striving for economic stability, social justice, and sustainable development. The international community now faces the critical task of responding to these calls for action, as failure to do so could hinder progress and exacerbate the challenges faced by nations like Nigeria.