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UN Calls for Significant Increase of Finance for SDGs

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UN Calls for Significant Increase of Finance for SDGs


… Canvasses $500 billion Annually Be Made Available to Developing Countries

By: Michael Mike

The United Nations has called for the urgent need for a significant increase of finance for sustainable development.

This call, according to a statement on Monday, followed the failure of the global financial system to effectively cushion the impacts of current global crises on the Global South — the COVID-19 pandemic, the war in Ukraine and the ongoing climate emergency.

The statement quoted the UN Secretary-General António Guterres to have warned on the occasion of the launch of the SDG Stimulus released, that: “Today’s poly-crises are compounding shocks on developing countries – in large part because of an unfair global financial system that is short-term, crisis-prone, and that further exacerbates inequalities.”

The UN Secretary-General stressed that:
“We need to massively scale up affordable long-term financing by aligning all financing flows to the SDGs and improving the terms of lending of multilateral development banks,” adding that: “The high cost of debt and increasing risks of debt distress demand decisive action to make at least $500 billion available annually to developing countries and convert short term lending into long term debt at lower interest rates.”

According to the statement; Halfway to the 2030 Agenda deadline, progress on the Sustainable Development Goals (SDGs) – our roadmap out of crises – is not where it needs to be. To reverse course and make steady progress on the Goals, the SDG Stimulus outlines the need for the international community to come together to mobilize investments for the SDGs – but, in so doing, create a new international financial architecture that would ensure that finance is automatically invested to support just, inclusive and equitable transitions for all countries.

It added that the current global financial system – originally created to provide a global safety net during shocks – is one in which most of the world’s poorest countries saw their debt service payments skyrocket by 35% in 2022. The “great finance divide” continues to proliferate, leaving the Global South more susceptible to shocks. Developing countries don’t have the resources they urgently need to invest in recovery, climate action and the SDGs, making them poised to fall even further behind when the next crisis strikes – and even less likely to benefit from future transitions, including the green transition.

As of November 2022, 37 out of 69 of the world’s poorest countries were either at high risk or already in debt distress, while one in four middle-income countries, which host the majority of the extreme poor, were at high risk of fiscal crisis. Accordingly, the number of additional people falling into extreme poverty in countries in or at high risk of entering debt distress is estimated to be 175 million by 2030, including 89 million women and girls.

Even prior to the recent rise in interest rates, least developed countries that borrowed from international capital markets often paid rates of 5 to 8 per cent, compared to 1 per cent for many developed countries.

The statement explained that theSDG Stimulus aims to offset unfavourable market conditions faced by developing countries through investments in renewable energy, universal social protection, decent job creation, healthcare, quality education, sustainable food systems, urban infrastructure and the digital transformation, noting that increasing financing by $500 billion per year is possible through a combination of concessional and non-concessional finance in a mutually reinforcing way.

It pointed out that reforms to the international financial architecture are integral to the SDG Stimulus. As highlighted in the Addis Ababa Action Agenda, financing sustainable development is about more than the availability of financial resources. National and global policy frameworks influence risks, shape incentives, impact financing needs, and affect the cost of financing.

The SDG Stimulus outlines three areas for immediate action:
First, tackle the high cost of debt and rising risks of debt distress, including by converting short-term high interest borrowing into long-term (more than 30 year) debt at lower interest rates.

Second, massively scale up affordable long-term financing for development, especially through strengthening the multilateral development banks (MDB) capital base, improving the terms of their lending, and by aligning all financing flows with the SDGs.

Third, expand contingency financing to countries in need, including by integrating disaster and pandemic clauses into all sovereign lending, and more automatically issue SDRs in times of crisis.

UN Calls for Significant Increase of Finance for SDGs

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VP Shettima Attends AU Heads of State Plenary Session

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VP Shettima Attends AU Heads of State Plenary Session

By: Our Reporter

Vice President Kashim Shettima is attending the plenary of the 39th Ordinary Session of the Assembly of Heads of State and Government of the African Union in Addis Ababa, Ethiopia.

The opening session has drawn leaders from across the continent and beyond, as delegates convene to address critical issues under this year’s theme: “Assuring Sustainable Water Availability and Safe Sanitation Systems to Achieve the Goals of Agenda 2063.”

The Vice President is representing President Bola Ahmed Tinubu at the high-level gathering.

VP Shettima Attends AU Heads of State Plenary Session

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Experts Warn Senate Amendment to Electoral Act May Weaken Electronic Transmission Safeguards

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Experts Warn Senate Amendment to Electoral Act May Weaken Electronic Transmission Safeguards

By: Michael Mike

A coalition of electoral reform advocates, legal experts and technology specialists has warned that the proposed amendment to Clause 60(3) of Nigeria’s Electoral Act could undermine recent gains in electoral transparency if not carefully revised.

They gave support to the position of the House of Representatives over that of the Senate, stating that the lower legislative arm position on the amendment of the electoral act was a lesser devil than that of the upper chamber.

The position emerged from an Expert Round Table convened in Abuja on Friday by ActionAid Nigeria, YIAGA Africa and the Movement for the Transformation of Nigeria. The meeting brought together academics, civil society leaders, lawyers, engineers, election administrators and governance specialists to examine the implications of the National Assembly’s amendment to Clause 60(3) of the Electoral Act 2022.

At the centre of deliberations was the provision dealing with electronic transmission of election results. While the current law provides for electronic transmission, the Senate’s amendment affirms that manually signed polling unit results remain legally valid if electronic transmission fails. Participants argued that this caveat could reopen long-standing vulnerabilities in Nigeria’s electoral process.

Experts at the forum stressed that credible elections are the bedrock of democratic legitimacy and political stability. They noted that Nigeria’s democratic history has repeatedly been strained by allegations of manipulation, flawed collation processes and protracted post-election litigation. According to participants, strengthening transparency in result transmission is critical to rebuilding public confidence.

A major focus of the discussion was the role of the Bimodal Voter Accreditation System (BVAS) and the INEC Result Viewing Portal (IReV) in safeguarding results at polling units. Participants described electronic transmission not merely as a technological innovation but as a protective mechanism against manipulation during collation — historically considered the weakest link in Nigeria’s elections.

Technical experts at the meeting maintained that electronic transmission is largely feasible nationwide, citing data that shows approximately 98 per cent network coverage across polling units, with only about two per cent classified as connectivity blind spots. They recommended targeted infrastructure investment to address these gaps rather than reverting to manual safeguards that could compromise transparency.

Concerns were also raised about legal ambiguities in the proposed amendment. Participants observed that the Senate version does not explicitly mandate electronic transmission through BVAS, nor does it clearly outline procedures in the event of technical failure. This, they argued, could create loopholes and fuel conflicting interpretations between manual and electronically transmitted results.

Another issue highlighted was the legal status of regulations issued by the Independent National Electoral Commission (INEC). Many operational guidelines governing electronic transmission are contained in subsidiary regulations rather than entrenched in the Act itself, potentially weakening their enforceability in court.

The experts warned that ambiguity in the law could increase election petitions and deepen what they described as the “judicialization of politics,” where electoral outcomes are increasingly determined in courtrooms rather than at the ballot box.

Beyond the amendment, participants identified broader institutional challenges affecting electoral integrity, including perceived executive influence in appointments to INEC, vote buying, weak enforcement of electoral offences and political interference. They called for comprehensive reforms to strengthen the independence and technical capacity of the electoral body.

In their resolutions, the roundtable participants reached consensus that electronic transmission should be clearly established in law as the primary and legally binding method for transmitting election results. They expressed preference for the version passed by the House of Representatives, which does not prioritise manually signed results in cases of transmission failure, while recommending further refinements to ensure clarity.

They also urged lawmakers to incorporate key INEC regulations directly into the Electoral Act, reform judicial procedures governing election disputes for faster resolution, and invest in election technology infrastructure.

Looking ahead, the experts advocated a long-term reform agenda that could eventually include electronic voting, drawing from international best practices. They further called on the National Assembly to conduct a public hearing on the technical glitches recorded during the 2023 general elections to prevent recurrence and enhance accountability.

The meeting concluded that Nigeria’s democratic future depends on ensuring that electoral reforms strengthen — rather than dilute — safeguards designed to reflect the true will of voters. Participants pledged continued legislative engagement and public advocacy to protect the integrity of the country’s electoral framework.

Experts Warn Senate Amendment to Electoral Act May Weaken Electronic Transmission Safeguards

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Wife of the Vice President of Nigeria in Ethiopia

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Wife of the Vice President of Nigeria in Ethiopia

By: Our Reporter

Wife of the Vice President of Nigeria Hajiya Nana Shettima arrived Addis Ababa With Her Husband, Senator Kashim Shettima to attend the 30th General Assembly of Organization of African First Ladies For Development (OAFLAD) while The Vice President will be attending the 39th Ordinary Session of the Assembly of African Union Heads of States and Government on behalf of President Bola Ahmed Tinubu

Mrs Shettima is Representing First Lady of Nigeria Senator Oluremi Tinubu CON.
The African First Ladies are expected to Focus on internal issues and advance OAFLAD’s strategic priorities.

The 30th General Assembly’s open session under the theme “Building Resilience for Women and Girls: Climate, Conflict, and Sustainable Futures will be held on the 15th of February.

Mrs Shettima who left Abuja this afternoon for Addis Ababa the Capital of Ethiopia will participate in various meetings with African First Ladies spanning for Three Days

Wife of the Vice President of Nigeria in Ethiopia

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