During the General Debate of the 79th Session of the United Nations General Assembly (UNGA), President Bola Tinubu called on the UN to prioritize debt forgiveness for Nigeria and other developing nations. Represented by Vice President Kashim Shettima, Tinubu emphasized the need for comprehensive debt relief from creditors and multilateral financial institutions to allow developing countries to focus on developmental projects.
“We must ensure that any reform of the international financial system includes comprehensive debt relief measures to enable sustainable financing for development,” Tinubu stated. He added that without debt relief, countries in the global South would struggle to make meaningful economic progress.
Tinubu, who also serves as the Chairman of the Authority of Heads of States and Government of ECOWAS, stressed the importance of multilateralism, calling for deeper cooperation between UN member states to address global challenges such as terrorism, climate change, poverty, and food crises.
He warned that rising nationalism and individual national priorities are undermining efforts to resolve global issues collectively. “The pillars of our organization are threatened,” Tinubu said, adding that global challenges such as inequality, armed conflict, racial discrimination, and hyper-inflation persist due to a failure to unite in action.
He also called for reforms in the international financial architecture and a transparent multilateral trading system. Tinubu expressed hope that the adoption of the “Pact for the Future” would help reposition economies and address the challenges facing developing nations.
The President also addressed the rise of unconstitutional changes in government and military coups in Africa, emphasizing that these occurrences demonstrate how fragile democracy can be when not supported by economic development and security. He urged global leaders to focus on ensuring peace, economic stability, and providing citizens with employment, education, and healthcare to restore faith in democracy.
Additionally, Tinubu highlighted the global debt burden, calling for the recovery of stolen assets and the eradication of safe havens that facilitate illicit financial flows. He also emphasized the need to combat terrorism and violent extremism, noting that they pose significant threats to both national and global peace.
On climate change, Tinubu warned that its effects are a major driver of insecurity and hinder sustainable development, citing recent floods in Nigeria as an example. He called for the full implementation of commitments made at various COP meetings, warning that inaction would only delay the inevitable.
Tinubu concluded by advocating for reforms in the UN Security Council, urging for permanent seats for Nigeria and other African nations to reflect the continent’s importance in global decision-making. He encouraged an acceleration of efforts to expand the Council and stressed that Africa deserves a seat among the permanent members, with equal rights and responsibilities.
