President Bola Tinubu has urged creditors and multilateral financial institutions to grant debt forgiveness to Nigeria and other developing nations. He made this appeal during the General Debate of the 79th Session of the United Nations General Assembly (UNGA) in New York.
According to a statement released by Mr. Stanley Nkwocha, spokesperson for Vice-President Kashim Shettima, Tinubu was represented at the forum by Shettima.
Tinubu called for reforms in the international financial system and a more transparent multilateral trading framework. He expressed optimism that the “Pact for the Future” could help reshape economies and provide tangible solutions to the challenges faced by developing and least-developed nations.
He also highlighted the detrimental impact of the global debt burden on nations’ ability to serve their citizens and criticized trade barriers and protectionist policies that stifle motivation and discourage global investment.
“Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures.
” This will ensure 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
President Bola Tinubu urged world leaders to renew their commitment to multilateralism by strengthening relationships among UN member states based on inclusivity, equality, and cooperation. He emphasized that this approach offers the most effective pathway to addressing the existential challenges faced by the global community.
Tinubu expressed concern over the rise of unilateralism and nationalism, which undermine efforts to achieve peaceful and collective solutions to global issues such as terrorism, climate change, poverty, food crises, hyperinflation, nuclear proliferation, and the crushing debt burden.
He also reminded leaders that the UN embodies multilateralism, rooted in the pillars of peace, sustainable development, and human rights.
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