Vice President Kashim Shettima has raised concerns over the burden of debt servicing on developing countries, saying it is limiting their capacity to invest adequately in critical sectors such as education, healthcare and infrastructure.
Shettima made the remarks on Thursday in New York while delivering President Bola Tinubu’s statement at the 81st Session of the United Nations General Assembly.
The Vice President identified inadequate financing as one of the major challenges confronting developing countries in their efforts to achieve sustainable development.
According to him, governments in many developing nations are being forced to commit significant portions of their available resources to servicing debts, leaving fewer funds for sectors that directly affect citizens’ welfare and economic development.
“Many developing countries devote substantial resources to debt servicing at the expense of education, healthcare and infrastructure,” he said.
Shettima’s comments formed part of Nigeria’s broader position at the UN General Assembly on the need for greater international cooperation and improved financing mechanisms to support developing countries.
He stressed the importance of creating conditions that would enable developing nations to mobilise adequate resources for development while addressing the financial pressures that constrain public investment.
The Vice President’s remarks come amid ongoing international discussions on debt sustainability, development financing and the challenges facing developing economies in meeting their infrastructure and social investment needs.
