At UNGA President Tinubu seeks debt forgiveness, return of looted funds from West

 

President Bola Ahmed Tinubu this 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

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, hyper-inflation, nuclear proliferation and grinding debt burden.

President Tinubu urged the UN to prioritise 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.”