UNGA79: Nigeria’s credibility crisis cause of failure to secure debt forgiveness, says CUPP

By Chris Ochayi

ABUJA: The Coalition of United Political Parties, CUPP, has attributed the inability of Nigeria to secure debt forgiveness it sought for at ongoing 79th United Nations General Assembly (UNGA79) on the country’s credibility crisis.

Recall President Bola Tinubu represented by Vice President Shettima had during a session at General Assembly pleased for debt forgiveness for Nigeria and other developing countries.

But speaking via a statement in what it described as ”Plea Falls Flat”, the Coalition noted that the credibility crisis has far-reaching consequences on the issue.

According to CUPP, “The international community’s perception of Nigeria’s leadership as insincere and corrupt undermines the country’s ability to secure debt forgiveness.”

A former presidential aspirant and National Secretary of CUPP , High Chief Peter Ameh described corruption and mismanagement as Nigeria’s fatal flaw.

According to the statement, “The recent call by Shettima for debt forgiveness for developing countries at the 79th United Nations General Assembly (UNGA79) has sparked intense scrutiny and skepticism from the international community.

“Nigeria’s reputation for corruption, mismanagement, and lack of transparency has raised questions about the government’s ability to effectively utilize borrowed funds.

“Corruption and Mismanagement: Nigeria’s Fatal Flaw”
Nigeria’s corruption problem is well-documented. The 2023 Corruption Perceptions Index ranks the country 149th out of 180 nations, highlighting the pervasive nature of graft and bribery.

The government’s inability to address corruption has led to:
– Embezzlement of funds meant for development projects
– Inefficient resource allocation
– Lack of accountability and transparency

Consequences of Nigeria’s credibility crisis, “The international community’s perception of Nigeria’s leadership as insincere and corrupt undermines the country’s ability to secure debt forgiveness.

This credibility crisis has far-reaching consequences, “Reduced international cooperation and investment
“Limited access to concessional loans and aid
“Decreased influence in global forums”

Key issues undermining credibility, Lack of transparency:, “Nigeria’s leaders have been accused of embezzling funds meant for development projects, eroding trust in the government’s ability to manage borrowed resources.

“Inefficient Resource Allocation*: The misallocation of funds to luxury goods and unnecessary expenses undermines Nigeria’s plea for debt forgiveness.

“Insensitivity to Citizen Plight*: The government’s priorities seem skewed, with more attention paid to maintaining power than addressing the needs of its citizens.”

The former Chairman of Inter-Party Advisory Council of Nigeria, IPAC, suggesting that the way forward is for the country to rebuilding credibility,

“To regain credibility and make a stronger case for debt forgiveness, Nigeria’s leaders must prioritize, “Implementing Anti-Corruption Measures*: Strengthening institutions and enforcing laws to prevent embezzlement and ensure public accountability.

“Effective Resource Allocation*: Prioritizing development projects and social welfare programs that benefit the majority of citizens instead of spending money on luxury goods that only benefit the microscopic elite in power.

“Increased Transparency*: Regularly publishing financial reports and ensuring citizens are informed about government spending.

“Accountability and Good Governance*: Ensuring those responsible for corruption are held accountable and promoting a culture of good governance.”

He concluded that by addressing these concerns, Nigeria can demonstrate its commitment to responsible governance and make a more compelling argument for debt forgiveness.