President Tinubu pleads debt forgiveness for developing countries.

This morning, President Bola Ahmed Tinubu sought debt forgiveness from lenders for developing countries.

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 collective action against hunger, terrorism, climate change, and other global challenges.

He urged world leaders to recommit themselves to multilateralism by deepening relations among member states of the United Nations (UN) in line with the principles of inclusivity, equality, and cooperation.

President Tinubu who is the Chairman of the Authority of Heads of States and Government of the Economic Community of West African States (ECOWAS), made the remarks in Nigeria’s national statement at the ongoing 79th United Nations General Assembly (UNGA) in New York. He was represented by Vice President Kashim Shettima.

The President addressed the Assembly at 3 am Nigerian time, decrying the steep descent to singularity and nationalism by many countries.

He said the pattern was undermining the quest for peaceful and collective resolution of global challenges.

These challenges,  President Tinubu said, included terrorism, climate change, poverty, food crises, hyperinflation, nuclear proliferation, and a grinding debt burden.

President Tinubu urged the UN to prioritize debt forgiveness for Nigeria and other developing countries from creditors and multilateral financial institutions.

He said: “Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures, to enable sustainable financing for development. Countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden.”

He also called for the recovery of the proceeds of corruption and illicit financial flows, maintaining that the return of such funds to countries of origin “is a fundamental principle of the United Nations Convention against Corruption.

He stressed: “The international community must promote practical measures to strengthen international cooperation to recover and return stolen assets and to eradicate safe havens that facilitate illicit flows of funds from developing countries to the developed economies.”

President Tinubu said the United Nations stands for multilateralism,  which represents inclusiveness, anchored on the tripod of peace, sustainable development and human rights.

He expressed worry about the main objectives of the UN and how it could sustain the global body’s relevance and resilience, noting that the pillars of the organization are at risk of being broken against the principles of inclusivity, equality, and cooperation which it stands for.

President Tinubu said: “Today, these pillars of our organization are threatened. They risk being broken by the relentless pursuit of individual national priorities rather than the collective needs of the nations that are assembled here today.

“While commitment to multilateralism offers us the surest guarantee of global action to address the existential challenges we face, singularity and nationalism are undermining the aspirations towards the peaceful and collective resolution of such challenges.

“From last year’s summit, and indeed from previous years, we have carried over the numerous challenges of terrorism, armed conflict, inequality, poverty, racial discrimination, human rights abuses, food crises, hunger, irregular migration, piracy, global pandemics, hyper-inflation, nuclear proliferation, grinding debt burden, climate change, and a host of other vexations.

“The continued manifestation of these challenges testifies to our failings rather than to any lofty achievements on our part. Billions of dollars are being committed to the prosecution of wars and the fanning of the embers of conflict.”

President Tinubu reaffirmed “Nigeria’s steadfast commitment to the deepening of multilateralism, as it did 65 years ago when it “joined the United Nations as the 99th Member-State.

He said: “We remain committed to that “desire to remain friendly with all nations and participate actively in the works of the United Nations”, as expressed by our founding Prime Minister, Sir Abubakar Tafawa Balewa.”

The President lamented what he described as the return of unconstitutional changes of government and forceful military coups in some African countries, saying these coups attest to how fragile democracy could become when it is not supported by economic development and sustained peace and security.

He said the unconstitutional change of government should be of utmost concern in deliberations at the high-level segments of the 79th Session of the UN General Assembly because it has led to “the impatience in cities and villages.

He said: “Our people need employment. They need decent livelihoods. They desire good and affordable education and healthcare for their children and families. They need to live in healthy, safe, and secure environments. They need hope and they need opportunity.”

President Tinubu also called for reforms in the international financial architecture and a transparent multilateral trading system, expressing hope that “the adoption of the “Pact for the Future” will change the narrative, reposition economies and translate into concrete measures that provide solutions to the challenges faced by developing and least developed countries.

He added: “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 and promotion of a rules-based, non-discriminatory, open, fair, inclusive, equitable and transparent multilateral trading system,” he noted.

Emphasizing the dangers of digressing from multilateralism, he drew the UN’s attention to the global debt burden undermining the ability of countries and governments to meet the needs of their citizens, trade barriers and protectionist policies destroying the hopes for nations, and the uncontrollable competition discouraging motivation and hampering global investments.

On insecurity, President Tinubu noted that the menace is plunging citizens into untold hardship and misery that, in turn, affects the people’s confidence in democracy, emphasizing that bringing back confidence in democratic rule and constitutional order is the duty of the international community.

“We cannot build durable societies with the threat of terrorism, banditry, and insurgency growing in our countries and regions. Indeed, violent extremism remains an existential threat to both national and international peace, security, and development. We are making concerted efforts to contain and roll back this threat,” he said.

President Tinubu however, assured that the “High-Level African Counter-Terrorism Meeting hosted by Nigeria in April 2024 and its outcome – “The Abuja Declaration” – promises to provide solutions to the challenges presented by terrorists and insurgents.”

He also warned against the dangers of climate change, describing it as a driver of insecurity that poses a veritable challenge to sustainable development, even as he recalled the devastating flood in Nigeria which submerged large areas of the country, “including one of our largest cities, Maiduguri, in the North-East.”

He implored the international community to stick to the implementation of the commitments made at the various COP meetings, pointing out that failure to do so would amount to postponing the inevitable, as no country is immune from the effects of climate change.

The President who observed that conflict prevention is the main reason why the UN was established regretted that the task of preventing these conflicts has become arduous following their normalization “when even the condemnation of violence and civilian casualties, and calls for a ceasefire, are somehow regarded as controversial”.

He listed some of the root causes of conflicts including poverty, hunger, ignorance, inequality, and exclusion, as well as other forms of injustice, just as he cited the conflict in Sudan and the war in Gaza and other Palestinian territories.

He added: “What this tells us is that the international community has failed to live up to the spirit and aspirations of the United Nations to rid the world of inequality, violence, and domination of one people by another. Justice is antithetical to revenge.”

President Tinubu further insisted on bold reforms in the UN Security Council intending to give Nigeria and other African countries permanent seats at the council, stressing that it has since become imperative for the UN to strengthen its relevance and credibility in a rapidly changing world.

He said: “Some permanent members of the United Nations Security Council have offered encouraging, if tentative indications of support on the issue of reform of the Council.  We welcome the change in tone and urge an acceleration in momentum to the process.

“The Security Council should be expanded, in the permanent and non-permanent member categories, to reflect the diversity and plurality of the world. We fully support the efforts of Secretary-General Guterres in this regard.

“Africa must be accorded the respect that it deserves in the Security Council. Our Continent deserves a place in the permanent members category of the Security Council, with the same rights and responsibilities as other Permanent Members.”