Nigeria has called for urgent changes to the global financial system, warning that the rising cost of debt servicing is putting pressure on developing countries and limiting their ability to fund essential sectors.
Vice-President Kashim Shettima made the call on Thursday while delivering President Bola Ahmed Tinubu’s national statement at the 81st United Nations General Assembly in New York.
Shettima said inadequate access to development financing remains a major challenge for poorer economies, particularly as governments struggle to meet debt obligations while also funding social and economic programmes.
According to him, significant portions of public resources are being directed towards servicing debt, leaving fewer funds available for critical areas such as education, healthcare and infrastructure.
Nigeria therefore advocated broader access to concessional financing and debt arrangements that take into account the development needs and economic realities of developing nations.
The Vice-President also connected the need for financial reforms to wider global priorities, including climate action, industrial development, energy access and technological advancement.
He argued that the international financial system must become more responsive to the challenges facing developing countries and provide them with greater opportunities to finance sustainable growth.
The call formed part of Nigeria’s broader interventions at the 81st UN General Assembly, where the country has been pushing for reforms that give developing nations a stronger voice in global decision-making. Nigeria has also renewed its advocacy for greater African representation in the UN Security Council.
The 81st UN General Assembly is being held in New York from September 22 to 28, 2026, under the theme “Restoring Trust, Managing Transformation: A United Nations That Delivers for All.”
Shettima is representing President Tinubu at the high-level gathering, where Nigeria is presenting its positions on global development, multilateral cooperation and reforms to international institutions.
