UNGA79: Tinubu Calls for Debt Relief, Urgent Global Action

President Bola Tinubu on Tuesday made a strong case for debt forgiveness for Nigeria and other developing countries.

He urged world leaders to act decisively to address global challenges, including hunger and terrorism, during the ongoing 79th session of the United Nations General Assembly (UNGA) in New York.

Tinubu’s Call for Debt Forgiveness

President Tinubu emphasised the pressing need for debt relief in Nigeria and other developing nations. “The current global debt burden is hampering the ability of many governments to meet their citizens’ needs,” said Tinubu.

He called for comprehensive debt relief measures that would enable sustainable financing for development, particularly for countries in the Global South.

Vice President Kashim Shettima, representing Tinubu at the session, reiterated the President’s message: “Without special concessions and a review of the current debt burden, meaningful economic progress in developing nations will remain a distant dream.”

Addressing Global Challenges

Tinubu’s address highlighted the urgency of tackling existential threats such as terrorism, climate change, and food crises.

He called on the United Nations to uphold its foundational principles of inclusivity, equality, and cooperation to ensure collective global action. “The pursuit of individual national priorities is breaking the pillars of multilateralism,” Tinubu warned.

He urged nations to remain committed to the ideals of multilateralism, a core value of the UN. “The United Nations stands for peace, sustainable development, and human rights. These pillars must not be broken by selfish pursuits of nationalism,” Tinubu said.

Reforming the International Financial System

In addition to debt relief, Tinubu advocated for reforms in the international financial system to support equitable global trade. “A transparent multilateral trading system is essential for the development of least-developed countries,” the Nigerian President stated. He expressed optimism that the adoption of the ‘Pact for the Future’ would reposition economies and provide tangible solutions for developing nations.

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Tinubu stressed the need for developing nations to have a fair stake in the international financial architecture. “Countries in the Global South must not be left behind,” he added.

Terrorism and Insecurity: A Global Concern

Tinubu also addressed the impact of insecurity on national and international stability, calling for collective global efforts to combat terrorism.

“Terrorism and insurgency are existential threats to global peace and development,” he noted. Tinubu reaffirmed Nigeria’s commitment to global peace initiatives, citing Nigeria’s hosting of the ‘High-Level African Counter-Terrorism Meeting’ earlier in 2024.

He warned that insecurity and violent extremism are not only eroding the confidence of citizens in democracy but are also a major obstacle to sustainable development. “We cannot build durable societies under the threat of terrorism, banditry, and insurgency,” Tinubu said.

Tinubu on Climate Change

The Nigerian President further called for urgent action on climate change, describing it as a driver of insecurity. He recalled the devastating floods that affected several parts of Nigeria, including Maiduguri. “No country is immune from the effects of climate change,” Tinubu stated, urging world leaders to honour their commitments made at previous climate summits.

He emphasised that delaying action on climate change is akin to postponing the inevitable, adding, “We must work together to mitigate the effects of climate change and protect future generations.”

A Call for UN Security Council Reforms

Tinubu also used the platform to call for reforms in the United Nations Security Council, advocating for permanent representation for African nations. “Africa deserves a place in the permanent members’ category of the UN Security Council,” he said. Tinubu urged the acceleration of efforts to make the Security Council more reflective of global diversity.

He added, “The Security Council should be expanded to include both permanent and non-permanent members from Africa, with equal rights and responsibilities as other permanent members.”

In his address, President Tinubu underscored Nigeria’s commitment to multilateralism and global cooperation, while calling for immediate action on debt relief, global insecurity, climate change, and UN reform. “Our world is facing unprecedented challenges, and only through collective action can we secure a future that benefits all nations,” Tinubu concluded.