President Bola Tinubu has urged world leaders to prioritize debt relief for Nigeria and other developing nations, calling on creditors and global financial institutions to provide such support. He also encouraged the United Nations to enhance multilateral cooperation by fostering inclusivity, equality, and collaboration among its member states.
Addressing the 79th United Nations General Assembly, Tinubu, represented by Vice President Kashim Shettima, emphasized that countries in the global South cannot achieve significant economic progress without debt relief and other concessions. A statement from the Vice President’s media office highlighted Tinubu’s concerns about the global debt burden, trade barriers, and unfair competition that hinder development.
According to the Debt Management Office’s Q1 2024 report, Nigeria’s total domestic and external debt reached N121.67tn ($91.46bn). States in Nigeria have seen a 122% increase in external debt servicing in 2024, driven by rising borrowing costs and currency depreciation. Kaduna and Lagos are the hardest hit, prompting some states to seek debt repayment relief.
Tinubu also called for reforms in the international financial system to include comprehensive debt relief and urged the recovery of assets from corruption and illicit financial flows. He criticized the rise of nationalism and singularity, warning that they threaten global cooperation needed to tackle issues like terrorism, climate change, poverty, and hyperinflation.
Finally, Tinubu reaffirmed Nigeria’s commitment to multilateralism and stressed that the United Nations must remain relevant by upholding inclusivity, equality, and cooperation, warning that failure to do so would undermine its foundational principles.