The Nigerian government has called for debt forgiveness for Nigeria and other developing nations during discussions with international creditors and financial institutions. President Bola Tinubu made this appeal while addressing world leaders at the 79th Session of the United Nations General Assembly (UNGA) in New York, as represented by Vice-President Kashim Shettima.
In a statement released on September 25 by Stanley Nkwocha, the spokesperson for Vice-President Shettima, the president highlighted the importance of reforms in the global financial system and the need for a fair and transparent trading environment.
Tinubu expressed optimism that the "Pact for the Future" initiative could significantly improve economic conditions and provide practical solutions to the challenges faced by developing and least-developed countries. He reiterated the call for reforming the international financial structure, advocating for a trading system that is open, fair, and equitable.
During his speech, Tinubu warned that the growing global debt burden is hindering nations' abilities to meet their citizens' needs. He criticized trade barriers and protectionist policies, stating that they stifle hopes for economic growth and discourage foreign investment.
The president emphasized that any reforms in the international financial system should include comprehensive debt relief measures to enable sustainable development financing. He pointed out that countries in the global South need special concessions and a reassessment of their debt challenges to achieve meaningful economic progress.
Additionally, Tinubu called for the recovery of funds acquired through corruption and illicit financial flows, asserting that returning these proceeds to their countries of origin is a fundamental principle of the United Nations Convention against Corruption.
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