"Nigeria’s Vice President at UNGA: Advocates for Debt Forgiveness Amid Calls for Accountability"

On Tuesday, September 24, 2024, Nigeria's Vice President, Kashim Shettima, delivered a powerful address at the 79th United Nations General Assembly (UNGA) in New York, highlighting critical global issues such as high inflation, conflict resolution, climate change, inequality, exclusion, and poverty. He also emphasized the importance of freedom for all individuals, regardless of race, creed, or religion, and called for reforms to strengthen the UN Security Council.

However, his speech was overshadowed by a controversial plea for debt forgiveness for Nigeria and other developing nations, despite Nigeria’s significant economic challenges. Shettima’s request for financial relief drew attention to the country's ongoing issues with mismanagement and corruption.

Reflecting on Nigeria's predicament, the proverb, "It is a bitter irony when a farmer with fertile land and rich harvest begs for grain, not because of famine, but because his storehouse is constantly plundered," captures the essence of Nigeria's situation. Despite being blessed with vast natural and human resources, the nation remains stuck in a cycle of borrowing and requesting debt forgiveness, not due to a lack of wealth, but due to rampant corruption that depletes its resources.

Corruption in Nigeria is like thieves raiding a storehouse, preventing the country from benefiting from its own riches. Oil revenues, public funds, and development projects are frequently mismanaged, stolen, or diverted. Instead of investing in essential services such as infrastructure, education, and healthcare, resources are squandered, leading to an ever-growing dependency on external financial aid and loans.

The irony of Shettima’s plea for debt forgiveness lies in the fact that a nation so abundantly blessed must ask for relief—an outcome not of external misfortune, but of internal decay and leadership failure. The request highlights how public funds are looted and resources mismanaged, deepening Nigeria's financial struggles.

Under the Buhari administration, Nigeria's debt soared to ?41.6 trillion by 2022. The cost of servicing this debt surpassed government revenues by ?300 billion, leading the International Monetary Fund (IMF) to warn that nearly all of Nigeria’s revenue would soon be spent on debt servicing, leaving little for essential development projects.

This fiscal irresponsibility is further demonstrated by the recent purchase of a new aircraft for the presidency, costing over $100 million. Such extravagant spending highlights a disconnect between the government’s priorities and the real needs of the people. While millions of Nigerians face poverty and unemployment, the government spends lavishly on non-essential items, raising serious questions about accountability and fiscal responsibility.

?The proverb serves as both a warning and a call to action. Nigeria's problem is not a lack of resources but the inability to safeguard and manage those resources effectively. Without genuine reforms to tackle systemic corruption and ensure accountability, the country will remain trapped in a cycle of debt and dependency, and its potential will continue to go unrealized.

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Ezenwa Opara

September 25, 2024