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Nairobi, Kenya – By Prime Brief Media

President Bola Ahmed Tinubu on Tuesday delivered a powerful address at the Africa Forward Summit in Nairobi, Kenya, disclosing that Nigeria will spend a staggering $11.6 billion on debt service obligations in 2026 alone. The President seized the platform to call for a fundamental restructuring of the global financial architecture, which he accused of perpetuating the "industrial disarmament of Africa" through burdensome debt terms, high interest rates, and conditionalities that constrain growth.

"Nigeria, like many African nations, is trapped in a system where debt service consumes resources that should be invested in infrastructure, education, and healthcare. We are spending $11.6 billion this year just to service debts, not to build roads or hospitals. This is not sustainable, and it is not just," Tinubu told the gathering of African heads of state, global investors, and development partners. The debt service figure represents a significant portion of the country's projected 2026 budget and has been a source of concern for economists.

The President argued that the international financial system, designed decades ago, does not reflect the realities of developing nations. He called for lower interest rates on concessional loans, extended repayment periods, and an expansion of Special Drawing Rights at the International Monetary Fund. "Africa is not asking for charity. We are demanding fairness. We are asking for a level playing field where our economies can compete, not suffocate under the weight of debt," Tinubu declared. He cited the example of the African Union's push for credit rating reforms and the establishment of an African Credit Rating Agency to counter what he termed the "subjective and punitive" ratings by Western agencies.

The Africa Forward Summit, an annual gathering aimed at mobilising investment and shaping policy for the continent, also featured addresses by Kenyan President William Ruto, African Development Bank President Akinwumi Adesina, and the Chairperson of the African Union Commission. Tinubu's remarks were well received by the audience, with many African leaders nodding in agreement. Nigeria is pushing for a coordinated African position ahead of the G20 summit later this year.

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