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Tinubu seeks debt forgiveness for Nigeria at UNGA79

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President Bola Tinubu has pleaded with world leaders to prioritise debt forgiveness for Nigeria and other developing countries from creditors and multilateral financial institutions.

Tinubu, who is the Chairman of the Authority of Heads of States and Government of the Economic Community of West African States, made the appeal while addressing world leaders during the General Debate of the ongoing 79th Session of the United Nations General Assembly at the UN headquarters in New York, United States.

The Nigerian President, who was represented at the Summit by Vice President Kashim Shettima, said countries of the global South would not make meaningful economic progress without special concessions and a review of their current debt burden.

In a statement issued by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, Tinubu drew the attention of the UN 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.

Speaking on the debt burden facing developing countries, Tinubu said:

“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.

The President also asked the United Nations to commit to multilateralism by deepening relations among member states, in line with the principles of inclusivity, equality and cooperation.

He also called for the recovery of proceeds of corruption and illicit financial flows, stating that the return of such funds to countries of origin is a fundamental principle of the United Nations Convention against Corruption.

“Therefore, 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.”

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Metro

Zambian Cabinet approves 2025 national budget estimates, targets economic stabilization

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The Zambian Cabinet has approved the 2025 National Budget Estimates of Revenue and Expenditure aimed at aligning the budget with the medium-term strategic goals outlined in the 2025–2027 Medium Term Budget Plan.

Cornelius Mweetwa, the Chief Government spokesperson, in a statement on Thursday, said the budget estimates were developed in line with the Green Paper and took into consideration input from various societal stakeholders.

“The 2025 Budget includes crucial revenue and expenditure measures aimed at growing the economy, despite the fiscal challenges,” Mweetwa said in the statement

The government spokesman stated that the 2025 budget would address the economic challenges posed by drought and the resumption of external debt payments, with the overarching goal of stimulating economic growth.

He also announced that the Minister of Finance and National Planning would present the 2025 National Budget to the National Assembly on Friday, September 27, as required by Article 202 (1) of the Zambian Constitution.

“In addition to the budget, Cabinet also approved, in principle, the introduction of a Bill in Parliament to amend the Anti-Corruption Act No. 3 of 2012.

“This amendment seeks to align the Act with the National Policy on Anti-Corruption and the Constitution, strengthening the legal framework for combating corruption and enhancing corporate governance within the Anti-Corruption Commission,” Mweetwa explained.

“The current Anti-Corruption Act has several gaps in preventing, prosecuting and punishing corruption and that the proposed amendments would address these shortcomings by strengthening penalties and enforcement mechanisms.

“The amendments will also improve public finance management, contributing to the national economic transformation agenda by promoting transparency and accountability in both public and private sectors,” Mweetwa added.

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Nigeria: President Tinubu to reshuffle cabinet soon— Presidency

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Nigeria’s President Bola Ahmed Tinubu is set to reshuffle his cabinet where he is expected to do away with some “dead-wood” ministers who have performed below expectation.

The Presidency, which confirmed this on Wednesday, said a cabinet reshuffle to be undertaken by President Tinubu was imminent and could happen before October 1, which is Nigeria’s independence day.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, who broke the news while addressing a press conference at the State House in Abuja, explained that the cabinet reshuffling exercise would be evidence-based as President Tinubu would be aided in his decision by public opinions that had been empirically extracted.

“The President has expressed his desire to reshuffle his cabinet and he will do it. I don’t know whether he wants to do it before October 1 and he will surely do it. That is what I will say, but he has not given us any timeline,” Onanuga told journalists.

He added that some ministers are expected to be dropped while some may be moved to other ministries.

“The President has given an order to all his ministers at the last Federal Executive Council meeting to go out there and speak about the activities of his administration,” Onanuga continued.

“Some of them have been media shy, television shy, radio shy, and he wants them to overcome all that and go out there and speak about what they have been doing.

“Because the feeling out there is that the government is not doing enough and the government has been doing a lot.

“And it is up to them to go out there and blow their own trumpet. They should go out there and talk about what their ministries have been doing.”

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