The Federal Government has called for debt forgiveness for Nigeria and other developing nations from creditors and multilateral financial institutions.
President Bola Tinubu made this appeal during the General Debate at the 79th Session of the United Nations General Assembly (UNGA) in New York, represented by Vice President Kashim Shettima.
A statement by Stanley Nkwocha, spokesperson for the Vice President, highlighted Tinubu’s emphasis on the need for reforms in the global financial system and a transparent, fair multilateral trading framework.
Tinubu expressed hope that the adoption of the “Pact for the Future” would shift the economic narrative, bringing tangible solutions for developing and least-developed nations. He underscored the importance of reforming the international financial architecture to promote a rules-based, inclusive, and equitable trading system.
He further drew attention to the global debt crisis, which he argued undermines governments’ abilities to address the needs of their citizens. Tinubu criticized trade barriers and protectionist policies for stifling economic growth, and called for reforms that include comprehensive debt relief to ensure sustainable development financing for the global South.
Additionally, the President stressed the importance of recovering assets lost to corruption and illicit financial flows, urging the return of such funds as outlined by the United Nations Convention against Corruption.
