Vice President Kashim Shettima says heavy debt servicing restricts developing countries, including Nigeria, from investing in priorities such as education, healthcare, and infrastructure. He makes the remarks during Thursday’s delivery of President Bola Ahmed Tinubu’s statement at the 81st session of the United Nations General Assembly in New York.
Shettima describes inadequate financing as a major obstacle to sustainable development, saying many developing countries allocate substantial resources to debt repayment instead of critical social and economic sectors. He calls for reforms to the international financial system to improve access to financing for developing nations and to ensure that debt sustainability assessments consider development needs. He also supports expanded access to concessional financing and alternative approaches to mobilisation of capital, including blended finance, private capital participation, South-South cooperation, and strategic partnerships, framed as ways to support development and climate adaptation.
