President Bola Tinubu has urged world leaders to prioritize debt forgiveness for Nigeria and other developing countries by creditors and multilateral financial organizations.
The President also urged the United Nations to commit to multilateralism by strengthening relations between member states under the ideals of inclusion, equality, and cooperation.
Tinubu, Chairman of the Authority of Heads of States and Governments of the Economic Community of West African States, made the call while addressing world leaders during the General Debate of the 79th Session of the United Nations General Assembly at the UN headquarters in New York, United States.
At the annual high-level global event, the President—represented by Vice President Kashim Shettima—stated that the global South’s nations would not advance economically unless they made specific sacrifices and had their current debt loads reviewed.
In a press release issued by the Office of the Vice President’s Senior Special Assistant to the President on Media and Communications, Stanley Nkwocha, the Nigerian leader called attention to the UN’s attention regarding the burden of global debt, which is impeding government’s ability to provide for their citizens, trade barriers and protectionist policies shattering hopes for nations, and unbridled competition deterring motivation and impeding international investments.
Nigeria’s total external and domestic debt was reported by the Debt Management Office to be N121.67 trillion ($91.46 billion) in its Q1 2024 report.
Nigerian states’ external debt servicing increased by 122% in the first half of 2024, from N63.06 billion in 2023 to N139.92 billion.
Speaking on the debt burden, Tinubu said, “Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures, to enable sustainable financing for development.
