Tinubu underscored the need to recommit to Non Aligned Movement foundational principles for global peace and security.
By Ohuakanwa Chibuzo
Nigeria, through President Bola Tinubu, has urged the establishment of a financing mechanism to ensure fair access to capital for developing countries, addressing the issue at the ongoing Non-Aligned Movement (NAM) Summit in Kampala, Uganda.
Tinubu highlighted the disparity, noting that the 120 NAM countries, constituting over 55% of the global population, have financial resources less than $3.5 trillion, dwarfed by the United States’ individual budget.
For context, the United States Consolidated Appropriations Act 2023 is $1.7 trillion. It was signed by President Joe Biden on December 29, 2022 and will run until September 30, 2024 which will begin October 1.
Emphasizing the challenges of climate change, conflicts, terrorism, and inequality, he called for collaborative efforts to achieve sustainable development goals, aligning with the summit’s theme, ‘Deepening Cooperation for Shared Global Affluence.’
Tinubu underscored the need to recommit to NAM’s foundational principles for global peace and security.