79th UNGA: Tinubu Begs for Debt Forgiveness for Nigeria, Other

79th UNGA: Tinubu Begs for Debt Forgiveness for Nigeria, Other

President Bola Ahmed Tinubu has urged the United Nations to prioritize debt forgiveness for Nigeria and other developing nations, appealing to creditors and multilateral financial institutions to support this initiative.

Tinubu charged world leaders to recommit themselves to multilateralism by deepening relations among UN member-states in line with the principles of inclusivity, equality and cooperation. He said this was the surest guarantee of global action against existential challenges faced by the international community.

Tinubu, who is Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS), made the calls while addressing world leaders during the General Debate on Tuesday at the ongoing 79th Session of the United Nations General Assembly (UNGA) at the UN headquarters in New York, United States.

Represented by Vice President Kashim Shettima at the high-level annual global event, he stressed the dangers of digressing from multilateralism.

The Nigerian president 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 highlighted the fact that trade barriers and protectionist policies were destroying the hopes of nations, while uncontrollable competition was discouraging motivation and hampering global investments.

Tinubu stated, “Similarly, 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.”

He called for the recovery of the proceeds of corruption and illicit financial flows, maintaining that the return of such funds to countries of origin “is a fundamental principle of the United Nations Convention against Corruption.”

The Nigerian president added, “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 flayed the steep descent to singularity and nationalism, which, according to him, was undermining the quest for peaceful and collective resolution of global challenges, such as terrorism, climate change, poverty, food crises, hyper-inflation, nuclear proliferation, and grinding debt burden, among others.

The Nigerian president expressed concern about the main objectives of the UN and how it could sustain the global body’s relevance and resilience, stating that the pillars of the organisation are at risk of being broken against the principles of inclusivity, equality and cooperation, which it stands for.

Tinubu explained, “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, human rights abuses, 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 also reaffirmed “Nigeria’s steadfast commitment to the deepening of multilateralism,” just as it did 65 years ago when it “joined the United Nations as the 99th member-state”.

Tinubu said, “We remain committed to that ‘desire to remain friendly with all nations and participate actively in the works of the United Nations’ as expressed by our founding Prime Minister, Sir Abubakar Tafawa Balewa.”

Tinubu lamented the return of unconstitutional changes of government and forceful military coups in some African countries. He said these coups attested to how fragile democracy could become when not supported by economic development, and sustained peace and security.

He said that should be of utmost concern in deliberations at the high-level segments of the 79th Session of the UN General Assembly, as the forceful changes of government had led to “the impatience in cities and villages”, which often slowed the wheel of democracy.

The president added, “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 called for reforms in the international financial architecture and a transparent multilateral trading system, expressing hope that “the adoption of the Pact for the Future” will change the narrative, reposition economies and translate into concrete measures that 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 stated.

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

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

Tinubu stated, “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 assured the gathering that the “High-Level African Counter-Terrorism Meeting hosted by Nigeria in April 2024 and its outcome – ‘The Abuja Declaration’ – promises to provide solutions to the challenges presented by terrorists and insurgents.”

Warning against the dangers of climate change, he described it as a driver of insecurity that posed a veritable challenge to sustainable development.

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

Tinubu implored the international community to stick to the implementation of the commitments made at the various COP (Conference of Parties) meetings of the United Nations Framework Convention on Climate Change (UNFCCC). He pointed out that failure to do so would amount to postponing the inevitable, as no country was immune from the effects of climate change.

The president observed that conflict prevention was the main reason the UN was established, but regretted that the task of preventing conflicts had become arduous following their normalisation, “when even the condemnation of violence and civilian casualties, and calls for a ceasefire, are somehow regarded as controversial.”

He listed some of the root causes of conflicts to include poverty, hunger, ignorance, inequality, and exclusion, as well as other forms of injustice, just as he cited the conflict in Sudan and the war in Gaza and other Palestinian territories.

He stated, “What this tells us is that the international community has failed to live up to the spirit and aspirations of the United Nations to rid the world of inequality, violence and domination of one people by another. Justice is antithetical to revenge.”

Tinubu insisted on bold reforms in the UN Security Council with a view to giving Nigeria and other African countries permanent seats at the council. He stressed that it had become imperative for the UN to strengthen its relevance and credibility in a rapidly changing world.

Tinubu stated, “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.”