By Timothy Choji
Nigeria has called for the recovery of the proceeds of corruption and illicit financial flows, adding that the return of such funds to countries of origin is a fundamental principle of the United Nations Convention against Corruption.
President Bola Tinubu made the call while delivering Nigeria’s national statement at the 79th Session of the United Nations General Assembly (UNGA), at the UN headquarters in New York.
“The international community must promote practical measures to strengthen international cooperation to recover and return stolen assets and to eradicate safe havens that facilitate illicit flows of funds from developing countries to the developed economies,” he told the world leaders.
The Nigerian leader also called for reforms in the international financial architecture and a transparent multilateral trading system, expressing hope that “the adoption of the “Pact for the Future” will change the narrative, reposition economies and translate into concrete measures that provide solutions to the challenges faced by developing and least developed countries.
“It is for this and other reasons that we reiterate the call by countries, especially of the global South, for reform of the international financial architecture and promotion of a rules-based, non-discriminatory, open, fair, inclusive, equitable and transparent multilateral trading system.”
Debt Burden
The Nigerian leader also drew the UN’s attention to the global debt burden undermining the ability of countries and governments to meet the needs of their citizens, trade barriers and protectionist policies destroying the hopes for nations, and the uncontrollable competition discouraging motivation and hampering global investments.
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President Tinubu specifically asked the UN to prioritize debt forgiveness for Nigeria and other developing countries from creditors and multilateral financial institutions.
“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,” he stated.
Insecurity
On insecurity, President Tinubu noted that the menace is plunging citizens into untold hardship and misery that, in turn, affect the people’s confidence in democracy, emphasizing that bringing back confidence in democratic rule and constitutional order is the duty of the international community.
“We cannot build durable societies with the threat of terrorism, banditry and insurgency growing in our countries and regions. Indeed, violent extremism remains an existential threat to both national and international peace, security and development. We are making concerted efforts to contain and roll back this threat,” he added.
President Tinubu however, assured that the “High-Level African Counter-Terrorism Meeting hosted by Nigeria in April 2024 and its outcome – “The Abuja Declaration” – promises to provide solutions to the challenges presented by terrorists and insurgents.”
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