President Bola Tinubu has asked for debt forgiveness for Nigeria and other developing countries from creditors and multilateral financial institutions.
The President made the call while addressing world leaders during the General debate at the ongoing 79th Session of the United Nations General Assembly (UNGA) at the UN headquarters in New York, United States.
In a statement issued by Stanley Nkwocha, the spokesperson of Vice President Kashim Shettima, on Wednesday, September 25, said President Tinubu who was represented at the global forum by the vice president, also emphasized the need for reforms in the international financial architecture and a transparent multilateral trading system.
Tinubu expressed the hope that “the adoption of the “Pact for the Future” could change the narrative, reposition economies and translate into concrete measures.
According to him, the measures will 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 noted
The President, who emphasised the dangers of digressing from multilateralism, 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 said uncontrollable competition discourages motivation and hampers global investments, and that trade barriers and protectionist policies destroy the hopes of nations.
“Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures.
This will ensure a 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.
