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Residents and stakeholders from Sarkin Noma in Kogi State have called for urgent reform of the global financial system, saying Africa’s sovereign debt burden is depriving citizens of healthcare, education and other basic services.
The residents made the call on Tuesday during the Freedom from Debt campaign led by the NGO, AIDS Healthcare Foundation (AHF Nigeria), in Lokoja.
In a statement made available to our correspondent in Makurdi, community leaders and residents urged international creditors to automatically suspend debt repayments for developing countries affected by pandemics and natural disasters.
They urged global lenders to reduce interest rates on loans to enable developing nations to invest more in healthcare, education, water supply and other critical infrastructure.
Speaking, a community leader, Mr Nasiru Illiyasu, urged the government to implement the Borrowers’ Forum proposed at the Seville Financing for Development Summit and the G20 South Africa meeting to strengthen collective bargaining.
A youth leader, Idris Yahaya, called for mandatory pauses on debt servicing during health and climate emergencies, while a women leader, Asimau Abdulmalik, proposed a one per cent AI Solidarity Levy on AI-related capital and profits to fund debt relief and social protection.
Also, the Hakimi of Sarkin Noma, Mallam Bala Musa, commended AHF for the campaign initiative and for selecting the community to host the event.
The traditional ruler expressed optimism that the campaign for debt freedom would go a long way towards improving the lives and well-being of rural communities across Africa.
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Ambassador Idris Muraina described the initiative as a timely global call and a welcome development, stressing the need for the World Bank and the IMF to ease the burden of loan repayments for developing countries so that funds can be redirected to education, health, welfare and other development priorities.
Also speaking, the Vice Chairman of the Nigeria Union of Journalists (NUJ), Kogi State Council, Mr Ibrahim Obansa, commended AHF’s efforts and pledged the support of the media to ensure the campaign’s objectives are achieved through mass media outreach.
The speakers, however, unanimously advised African leaders at all levels to be responsible, transparent and accountable in utilising available resources, especially after debt relief has been granted.
Earlier, the Senior Advocacy and Marketing Manager for AHF Nigeria, Steve Aborisade, who presented a policy brief titled “The Crushing Reality of Sovereign Debt,” said the system was “failing by design.”
He noted that low- and middle-income countries pay two to four times more interest than the United States and up to 12 times more than Germany, adding that 3.4 billion people live in countries that spend more on debt payments than on health or education.
Aborisade said AHF and other stakeholders are advocating equitable terms for debt repayment and a fairer financial system so that governments in developing nations can invest in the well-being of their people.
He stressed that no country should have to choose between protecting its people and paying into an unfair system, and urged leaders to treat the crisis with urgency.
