Addressing the General Debate at the 79th United Nations General Assembly (UNGA) in New York, Tinubu, represented by Vice President Kashim Shettima, emphasized the need for multilateralism and collaboration among member states. He stressed that economic progress for the Global South is unattainable without special concessions, debt relief, and reforms in the international financial architecture.
“Countries of the Global South cannot make meaningful progress without a review of their crippling debt burden,” Tinubu said, pointing to Nigeria’s domestic and external debt, which stood at N121.67tn ($91.46bn) as of Q1 2024, as reported by Nigeria’s Debt Management Office.
Tinubu called for the United Nations to enhance cooperation in recovering stolen assets and tackling illicit financial flows. He also urged for reforms in the international trading system to be fairer and more inclusive.
Highlighting the escalating debt repayment costs for Nigerian states like Kaduna and Lagos, which have seen a 122% increase in external debt servicing in 2024, Tinubu argued that debt relief would provide room for sustainable financing and growth. He noted that rising borrowing costs and currency depreciation are straining fiscal health.
In addition to financial reforms, Tinubu voiced concern over the resurgence of military coups in Africa, asserting that fragile democracies require economic development to thrive. He also warned against the dangers of climate change and terrorism, which are exacerbating instability across nations.
President Tinubu called for bold reforms to the United Nations Security Council, advocating for permanent seats for African nations to ensure the council reflects global diversity and enhances its credibility.
