Stakeholders in Kogi State have warned that Africa’s growing sovereign debt burden is denying millions of people access to healthcare, education and other essential public services, calling for sweeping reforms of the global financial system to give developing countries greater fiscal space for development.
The call was made on Tuesday during the Freedom from Debt campaign organised by AIDS Healthcare Foundation (AHF) Nigeria in Sarkin Noma community, Lokoja, where community leaders, youth representatives, traditional rulers and civil society advocates urged international financial institutions to adopt fairer lending and debt repayment policies.
The participants called on international creditors to automatically suspend debt repayments for developing countries affected by pandemics and natural disasters, while also advocating lower interest rates on loans to enable governments invest more in healthcare, education, water supply and other critical infrastructure.
Speaking at the event, a community leader, Mr Nasiru Illiyasu, urged governments to implement the Borrowers’ Forum proposed at the Seville Financing for Development Summit and the G20 South Africa process to strengthen the collective bargaining power of debtor nations.
Youth leader, Idris Yahaya, also called for mandatory pauses on debt servicing during health and climate emergencies to allow countries respond effectively to crises without worsening the welfare of their citizens.
Representing women at the event, Asimau Abdulmalik proposed the introduction of a one per cent Artificial Intelligence Solidarity Levy on AI-related capital and profits to support debt relief initiatives and expand social protection programmes.
The Hakimi of Sarkin Noma, Mallam Bala Musa, commended AHF Nigeria for bringing the campaign to the community, expressing confidence that the debt freedom advocacy would contribute to improving the welfare of rural communities across Africa.
Ambassador Idris Muraina described the campaign as a timely global intervention, urging the World Bank and the International Monetary Fund to ease debt repayment obligations for developing countries.
He said such relief would enable governments to redirect scarce resources to education, healthcare, social welfare and other critical sectors that directly impact citizens’ lives.
Also speaking, the Vice Chairman of the Nigeria Union of Journalists (NUJ), Kogi State Council, Mr Ibrahim Obansa, praised AHF Nigeria for championing the initiative and pledged the support of the media in amplifying the campaign through sustained public awareness.
Participants, however, stressed that debt relief alone would not solve Africa’s development challenges unless governments demonstrate greater transparency, accountability and prudent management of public resources.
Earlier, AHF Nigeria’s Senior Advocacy and Marketing Manager, Mr Steve Aborisade, presented a policy brief titled The Crushing Reality of Sovereign Debt, describing the current global financial architecture as one that is “failing by design.”
According to him, low- and middle-income countries pay between two and four times higher interest rates than the United States and as much as 12 times more than Germany when borrowing on international markets.
He added that about 3.4 billion people live in countries that spend more servicing debt than they spend on healthcare or education.
Aborisade said AHF and its partners were advocating equitable debt repayment terms and reforms that would create a fairer international financial system, allowing governments in developing countries to invest more in the wellbeing of their citizens.
He said, no country should have to choose between protecting its people and paying an unfair system, urging global leaders to address the sovereign debt crisis with greater urgency.