President Muhammadu Buhari on Monday affirmed that the campaign for debt cancellation for African countries is already gaining traction.
Buhari disclosed this in Abuja while declaring open the maiden Conference of Speakers and Heads of African Parliaments (COSAP), with the theme: ‘Strengthening legislative leadership for Africa’s development.
The President who was represented by Vice President Yemi Osinbajo however thanked the Speakers for initiating the CoSAP, acknowledging the importance of the legislature in sustaining democracy and growth across the globe.
“One key issue during early discussions before this meeting is the issue of debt cancellation for African countries and this initiative is already gaining traction.
“One of those things that were discussed was the special drawing rights (SDR) of about $650 billion. Of course, there is the argument of how much the African continent got. I think it is important to recognize that
“The Economic Commission for Africa recently proposed that our countries can help their financing needs by leveraging SDR through unbending vehicles such as liquidity sustainability facilities and multilateral and regional programs as well as the poverty reduction and growth plans.
“The pandemic exposed the vulnerability of our health care systems and has shown how interconnected and interdependent we all are as a continent. So, we must collectively invest in our health system and our health emergency structures so that we can deal with pandemics as they arise. We just heard that another pandemic could as well be around the corner.
“Vaccination is important to post COVID recovery. But Africa has lagged behind so far compared to the rest of the world with only 16 per cent of our population fully vaccinated. There is a need for the African continent to free itself from all external mechanisms and guarantee our own system.
“We may not be able to do that unless we have the number of resources to work with. The time has come for us to begin to produce our vaccines. This is not a feat that is impossible, but t must be a collective boast.
“Legislation must be put in place across the continent to make research and development possible, harmonies drug registration, to build world-class facilities. Our SDR could release development finance facilities for the creation of vaccine facilities. So, we have a unique opportunity.
“Africa’s post COVID strategy must also include increase social protection for all and this is also an important issue. The pandemic revealed the importance of social protection schemes in responding to a wide range of economic options and most African countries Implemented various social protection safety nets.
“But going forward, we must leverage these experiences and drive progress towards more inclusive. More effective and more equitable social protections. Social protections are expensive and subject to hydrological argument. It is no longer a socialist idea but has become fundamental. Our legislators need to champion this idea,” he urged.
He disclosed that Federal Government during the COVID-19 pandemic rolled out an N2.3 trillion economic stimulus package to help in mitigating the effects of the pandemic and speed up the recovery of critical sectors.
Speaking earlier, Nigeria’s Speaker, Hon. Femi Gbajabiamila lamented that the present insecurity and rampaging uncertainty across the continent represent the single biggest threat to the well-being of our children.
While acknowledging the giant stride achieved by the continent during the scourge of the COVID-19 pandemic, the Speaker maintained that the onus is on the Parliament to set the terms of our national development and ensure that government priorities reflect our citizens’ most pressing needs and highest aspirations.
“We live in a time fraught with potential and danger, and every governing decision we make and every action we take has the potential to substantially remake our world for good or ill. This is, in effect, one of those defining historical moments. And when, as is inevitable, history delivers its judgment, we will either be remembered for doing the hard and necessary things that make for progress and prosperity or be reviled for squandering the opportunity of a generation.
“I believe that all of us are here because we recognise the historical significance of this moment and have determined to be on the right side of history’s judgment.
“Africa has come of age. Yet there is no gainsaying that we are far from achieving the highest potential that we are able. Across the continent, democracy is under threat and in retreat. From Sudan to Mali, Guinea and Chad, elected governments have been usurped by military juntas, overturning years of progress and the hopes of millions.
“Even in the places where elected governments are still in charge, public faith in the governing institutions is at an all-time low. When citizens lose confidence that a democratic government can meet their expectations, democracy loses credibility and support and begins a death spiral. This is the reality in too many places across our continent.
“Many reasons have been adduced to explain how we arrived at these dire circumstances. This Conference will examine some of those reasons to understand what we need to do to correct the trajectory of our countries and continent.
“However, Ladies and gentlemen, honourable colleagues, I want to tell you today that Africa’s destiny is not set in stone. Our tomorrow is a consequence of today’s choices, the commitments we make and the priorities we choose to pursue.
“Despite the real challenges and present dangers, this is also a time of abundant promise and possibility for us in Africa. Technology has remade our world into a global village where a child with a computer and internet connection in Lagos or Addis Ababa can compete in and succeed in a global marketplace that prioritises ideas and talent over religion, ethnicity and tribe.
“As leaders in this new world, there is no decision more consequential than investing in Africa’s young people, protecting them, ensuring their health and well-being and providing them with a solid education upon which to build their future.
“To deliver on this obligation, we must first ensure that our nations are at peace, as this is the necessary condition for development and progress,” Hon. Gbajabiamila urged.
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