Tinubu Pushes for Global Debt Court to Free Developing Nations from Financial Bondage

Tinubu Pushes for Global Debt Court to Free Developing Nations from Financial Bondage

 

 

 

President Bola Tinubu has called for urgent reforms to the global financial system, urging the United Nations to create a binding mechanism to alleviate the debt burden of developing nations. The call was made in Nigeria’s national statement delivered on his behalf by Vice President Kashim Shettima at the 80th United Nations General Assembly (UNGA) in New York.

 

Tinubu described the current global financial architecture as an “economic straitjacket” that constrains developing countries. He urged the UN to establish a “global debt court” to enable these nations to achieve economic independence and sustainable growth.

 

Speaking at the Assembly, Shettima said a fairer international system was critical for global peace, development, and human rights protection.

 

“The chaos that shadows our world reminds us that inaction is a luxury we cannot afford. Nigeria’s commitment to multilateralism stems from an undying faith in the redemption of humanity,” he said.

 

Highlighting Nigeria’s priorities for renewing multilateralism, Shettima listed four key areas:

 

UN Security Council reform, including a permanent seat for Nigeria.

 

A new global mechanism for sovereign debt relief and better access to trade and finance.

 

Fair benefit-sharing for resource-rich countries, ensuring local processing, investment, and job creation.

 

Closing the global digital divide, with emphasis on Africa’s inclusion in emerging technologies.

 

 

On Security Council reform, Shettima noted, “The UN will regain relevance only when it reflects today’s world, not the world of 1945. Nigeria, now a sovereign nation of over 236 million, deserves representation commensurate with its size, youth, and dynamism.”

 

On sovereign debt, he stressed that debt relief was not charity but “a clear path to peace and prosperity for all.” Shettima also warned that dependency on raw material exports undermines the growth of emerging economies.

 

The Vice President addressed global resource management, emphasizing that Africa must avoid repeating past patterns of extractive exploitation. He urged fair partnerships and investments to ensure the continent benefits from its strategic minerals.

 

Shettima also highlighted the urgency of bridging the digital divide, echoing UN Secretary-General António Guterres that “A.I. must stand for Africa Included.”

 

On security, he reaffirmed Nigeria’s commitment to peacekeeping, having contributed troops to 51 of 60 UN missions since independence, while cautioning that military action alone cannot defeat terrorism.

 

Touching on the Israel-Palestine conflict, Shettima reiterated Nigeria’s support for a two-state solution as the most dignified path to lasting peace.

 

Finally, he linked climate change to security, migration, and international stability, stressing that Africa is ready to seize new trade and investment opportunities if financial reforms permit.

 

“For none of us is safe until all of us are safe. Bold action in pursuit of noble ideals has always defined the story of the United Nations, and Nigeria remains committed to that cause,” Shettima concluded.