By Stephen Adeleye
Kogi residents and stakeholders on Tuesday called for urgent reform of the global financial system, saying Africa’s sovereign debt burden is depriving citizens of health, education and other basic services.
They made the call during the ‘Freedom from Debt’ campaign spearheaded by AIDS Healthcare Foundation (AHF Nigeria) at Sarkin Noma community in Lokoja.
Community leaders and representatives at the event, 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.
Mr Nasiru Illiyasu, a community leader, urged government to implement the Borrowers’ Forum proposed at the Seville Financing for Development summit and G20 South Africa to strengthen collective bargaining.
Youth leader, Idris Yahaya, called for mandatory pauses on debt service during health and climate emergencies.
Asimau Abdulmalik, women representative, proposed a 1% AI Solidarity Levy on AI-related capital and profits to fund debt relief and social protection.
The Hakimi of Sarkin Noma, Mallam Bala Musa, commended AHF for the campaign initiative and for selecting their community to host the event.
The royal father expressed optimism that the campaign for debt freedom would go a long way toward improving the lives and well-being of rural communities in Africa as a whole.
Ambassador Idris Muraina described the initiative as a timely global call and a welcome development.
Muraina stressed the need for the World Bank and IMF to ease the burden of loan repayment for developing countries so that funds can be redirected to education, health, welfare, and other development priorities.
Also speaking, Mr. Ibrahim Obansa, Vice Chairman of the Nigeria Union of Journalists, Kogi State chapter, commended AHF’s efforts and pledged the support of the media to ensure the campaign’s objectives are achieved through mass media outreach.
However, some of the leaders emphasized that African leaders at all levels must be responsible, transparent, and accountable in utilizing available resources, especially after debt relief has been granted.
Earlier, the AHF Nigeria’s Senior Advocacy and Marketing Manager, Mr Steve Aborisade, presented a Policy Brief titled “The Crushing Reality of Sovereign Debt.”
Aborisade said the system was “failing by design,” noting that low- and middle-income countries pay 2 to 4 times more interest than the US and up to 12 times more than Germany.
He added that 3.4 billion people live in countries that spend more on debt payments than on health or education.
Aborisade said AHF and partners are calling for an equitable and better terms for a fairer financial system so governments can invest in their people and reclaim sovereignty.
Aborisade stressed that no country should have to choose between protecting its people and paying an unfair system, and urged leaders to treat the crisis with urgency.
