By Stephen Adeleye
Kogi residents and stakeholders have called on international creditors to suspend debt repayments for developing countries affected by pandemics, natural disasters and other emergencies.
They made the call on Tuesday during a Freedom from Debt campaign organised by the AIDS Healthcare Foundation (AHF) Nigeria at Sarkin Noma community in Lokoja.
The stakeholders also called for reforms to the global financial system and reduction in interest rates on loans to developing countries.
They said such measures would enable governments to redirect scarce resources to healthcare, education, water supply and other critical infrastructure.
Mr Nasiru Iliyasu, a community leader, urged the government to implement the Borrowers’ Forum proposed at the Seville Financing for Development Summit and G20 South Africa in 2025 to strengthen collective bargaining among developing countries.
The youth leader, Mr Idris Yahaya, called for mandatory suspension of debt servicing during health and climate emergencies.
Similarly, Mrs Asmau Abdulmalik, a women representative, proposed a one per cent AI Solidarity Levy on AI-related capital and profits to generate funds for debt relief and social protection.
Mallam Bala Musa, the Hakimi of Sarkin Noma, commended AHF for initiating the campaign and selecting the community to host the event.
Musa expressed optimism that the campaign would contribute to improving the lives and wellbeing of rural communities across Africa.
Mr Idris Muraina, a representative of Civil Society Organisations, described the initiative as a timely global call, urging the World Bank and International Monetary Fund (IMF) to ease the burden of debt repayment on developing countries.
He said this would enable governments to redirect resources to education, healthcare, social welfare and other development priorities.
Mr Ibrahim Obansa, Vice Chairman, Nigeria Union of Journalists (NUJ), Kogi Council, commended AHF for the initiative and pledged the support of the media in promoting the campaign through mass media outreach.
The stakeholders, however, stressed the need for African leaders at all levels to be responsible, transparent and accountable in managing public resources, particularly after receiving debt relief.
Earlier, Mr Steve Aborisade, AHF Nigeria’s Senior Advocacy and Marketing Manager, presented a policy brief titled, “The Crushing Reality of Sovereign Debt.”
Aborisade said that the global financial system was “failing by design”, noting that low- and middle-income countries paid between two and four times more interest than the United States and up to 12 times more than Germany.
He said about 3.4 billion people lived in countries that spent more on debt servicing than on healthcare or education.
According to him, AHF and its partners were advocating a fairer and more equitable financial system that would enable governments to invest in their people and reclaim their sovereignty.
Aborisade stressed that no country should have to choose between protecting its people and paying what he described as an unfair debt burden.
He urged global leaders to treat the debt crisis with urgency and take concrete steps to address its impact on developing countries. (NAN)
Edited by Isaac Ukpoju