UNGA 79: Tinubu Calls for Debt Forgiveness for Nigeria

At the 79th session of the United Nations General Assembly (UNGA), President Bola Tinubu urged the global community to consider debt forgiveness for Nigeria and other developing nations.

In a statement released by his spokesperson, Stanley Nkwocha, on Wednesday, Tinubu emphasized the need for reforms in the international financial system to ensure fairness and transparency in global trade.

During his address, Tinubu highlighted the “Pact for the Future” as a potential catalyst for economic change, expressing hope that its adoption would “reposition economies and translate into concrete measures” that provide solutions for developing and least-developed countries.

He pointed out that trade barriers, protectionist policies, and the global debt burden were hindering growth and undermining nations’ abilities to meet their citizens’ needs.

“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,” Tinubu stated.

He added that debt forgiveness for Nigeria and other developing nations would pave the way for sustainable development.

Tinubu also stressed the need for special concessions to assist these nations, emphasizing that “Countries of the global South cannot make meaningful economic progress without a review of their current debt burden.”

Moreover, the president called for the recovery of illicit financial flows and the return of stolen assets to their countries of origin, urging the international community to promote cooperation on this issue.

He stated, “The return of such funds is a fundamental principle of the United Nations Convention against Corruption.”

He called for stronger global efforts to combat corruption and eliminate safe havens that shelter stolen funds.

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