President Bola Tinubu who was represented by Vice President Kashim Shettima at the United Nations General Assembly, on Wednesday morning sought debt forgiveness for developing countries from lenders.
He also called for the recovery of the proceeds of corruption and illicit financial flows from developing countries, stressing that the return of such funds to countries of origin “is a fundamental principle of the United Nations Convention against Corruption”.
The President also called for a collective action against hunger, terrorism, climate change and other global challenges
At the 79th United Nations General Assembly (UNGA) in New York, President Bola Tinubu, represented by Vice-President Kashim Shettima, called for debt forgiveness for Nigeria and other developing countries.
He urged multilateral financial institutions and global creditors to implement comprehensive debt relief measures to support economic progress in the Global South.
“Countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden,” Tinubu stated.
He highlighted that the current global financial architecture places undue pressure on developing nations, hindering their efforts to improve citizens’ welfare.
Tinubu also pressed for reforms in international financial systems, calling for a “rules-based, non-discriminatory, open, fair, inclusive, equitable, and transparent multilateral trading system.”
Bola Tinubu, Nigeria’s president, speaks during the United Nations General Assembly (UNGA) in New York, US, on Tuesday, Sept. 19, 2023. [Getty Images]
Bola Tinubu, Nigeria’s president, speaks during the United Nations General Assembly (UNGA) in New York, US, on Tuesday, Sept. 19, 2023. [Getty Images]
According to him, such changes are essential to addressing the persistent challenges developing countries face, from poverty to hyperinflation.
The Nigerian president further stressed the importance of recovering illicit financial flows and returning stolen assets to their countries of origin.
“The international community must promote practical measures to strengthen international cooperation to recover and return stolen assets,” Tinubu urged.
In addressing global security threats, Tinubu reiterated the need for international collaboration to combat terrorism, climate change, and growing inequalities.
He warned that singularity and nationalism undermine multilateralism, a critical global peace and development pillar.
Tinubu’s speech also echoed his stance on the reform of the UN Security Council, advocating for Africa’s permanent representation.
