President Bola Ahmed Tinubu of Nigeria has made a compelling case for debt forgiveness for developing countries while urging the West to return looted funds. Speaking at the 79th United Nations General Assembly (UNGA) in New York, where he was represented by Vice President Kashim Shettima, Tinubu emphasized the need for sustainable economic development and the eradication of poverty and terrorism.
Debt Forgiveness and Financial Reforms
In his national statement, President Tinubu highlighted the unsustainable debt burden crippling many developing nations, including Nigeria. He urged the UN to prioritize debt relief and called for comprehensive reforms in the international financial system to enable sustainable financing for development.
“The global South cannot make meaningful economic progress without special concessions and a review of their current debt burden,” he stated.
Recovery of Illicit Financial Flows
The President also stressed the importance of recovering proceeds of corruption and illicit financial flows. He argued that the return of such funds to their countries of origin is a fundamental principle of the United Nations Convention against Corruption.
“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 urged.
A Call for Multilateralism and Collective Action
President Tinubu decried the rise of nationalism and called for a recommitment to multilateralism based on inclusivity, equality, and cooperation. He urged world leaders to address the pressing issues of terrorism, climate change, poverty, and food crises collectively.
He warned against the dangers of abandoning multilateralism, emphasizing that it remains the best guarantee for addressing existential global challenges.
Insecurity and the Threat to Democracy
Tinubu expressed concern over the increasing threat of terrorism and violent extremism, which he said are undermining democratic governance and sustainable development. He cited the recent unconstitutional changes of government in Africa as evidence of the fragility of democracy when not supported by economic growth and stability.
He reiterated Nigeria’s commitment to combating these challenges, referencing the outcome of the High-Level African Counter-Terrorism Meeting hosted in Abuja in April 2024.
Climate Change and Global Responsibility
President Tinubu also highlighted the devastating impact of climate change, calling on the international community to adhere to commitments made at various COP meetings. He warned that failure to act would have severe consequences for all nations, as no country is immune to the effects of climate change.
Reforms in the UN Security Council
In his concluding remarks, Tinubu called for bold reforms in the UN Security Council to give Nigeria and other African countries permanent seats. He argued that such reforms are necessary to ensure the relevance and credibility of the UN in a rapidly changing world.
“Africa must be accorded the respect that it deserves in the Security Council. Our continent deserves a place in the permanent members category, with the same rights and responsibilities as other Permanent Members,” he said.
The President’s address underscores Nigeria’s steadfast commitment to multilateralism and its advocacy for the global South in international discourse.
