Nigeria calls for debt relief, fairer global financial architecture
The Nigerian government has called for debt relief for developing countries and urged the restructuring of the global financial architecture to promote greater fairness.
Vice-President Kashim Shettima made the demand in his address on Thursday at the ongoing 81st session of the United Nations General Assembly, where he represented President Bola Tinubu.
In his speech, Mr Shettima described debt as the major obstacle hindering growth in developing countries, which he said were allocating a significant portion of their resources to service debts.
He then suggested reforms that would make it easier for affected countries to access more lenient debt-relief systems.
“One of the greatest obstacles to sustainable development is inadequate financing. Many developing countries devote substantial resources to debt servicing at the expense of education, healthcare and infrastructure.
“Nigeria therefore calls for reform of the international financial architecture, wider access to concessional financing and debt sustainability frameworks that recognise developmental needs,” the vice-president said.
Mr Shettima further assured the assembly that the Nigerian government supports innovative financing and strategic partnerships to strengthen sustainable development and climate resilience.
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Nigeria calls for debt relief, fairer global financial architecture
The Nigerian government has called for debt relief for developing countries and urged the restructuring of the global financial architecture to promote greater fairness.
