At The UN Assembly, Vice President Shettima Begs World Leaders to Remove Debt For Nigeria and Other Developing Countries

Nigerian Vice President Kashim Shettima, representing President Bola Tinubu at the 79th United Nations General Assembly (UNGA) in New York, has called on global leaders to prioritize debt relief for Nigeria and other developing countries. During the General Debate at the UNGA, he highlighted the significant challenges faced by the Global South due to overwhelming debt, which hinders their capacity to address the needs of their populations.

Shettima urged the United Nations to embrace multilateralism, promoting inclusivity, equality, and enhanced collaboration among member states. Additionally, a statement from Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, noted the Nigerian presidency's concerns regarding trade barriers, protectionist measures, and intense competition that jeopardize global investments. Countries in the global South are unable to achieve significant economic advancement without specific concessions and a reassessment of their existing debt obligations, he remarked. He further emphasized the necessity of recovering assets obtained through corruption and illicit financial activities, asserting that the repatriation of such funds to their countries of origin is a core tenet of the United Nations Convention against Corruption. Consequently, he urged the international community to implement effective measures that enhance cooperation aimed at recovering and returning misappropriated assets, as well as eliminating safe havens that enable the illicit transfer of funds from developing nations to wealthier economies. He continued, stating, "Currently, the foundational principles of our organization are under threat. They are at risk of being compromised by the relentless focus on individual national interests, overshadowing the collective needs of the nations represented here today. "While a commitment to multilateralism provides the most reliable assurance for global action in addressing the pressing challenges we face, a focus on singularity and nationalism is eroding our collective aspirations for peaceful and collaborative solutions to these issues. "From last year's summit, as well as from previous gatherings, we have carried forward numerous challenges, including terrorism, armed conflict, inequality, poverty, racial discrimination, human rights violations, food insecurity, hunger, irregular migration, piracy, global pandemics, hyperinflation, nuclear proliferation, overwhelming debt burdens, climate change, and a myriad of other pressing concerns. "The persistent presence of these challenges reflects our shortcomings rather than any significant accomplishments on our part. Vast sums of money are being allocated to the continuation of wars and the exacerbation of conflicts," he stated.