Nigeria has rejected the AU’s proposal to split its Political Affairs Department, citing increased expenses and potential destabilization. President Tinubu advocates for phased reforms and supports an Africa-led credit rating agency to improve financial assessments. He also emphasizes the importance of the Africa Financing Stability Mechanism for addressing the continent’s economic challenges.
The Nigerian government has officially rejected the proposal to reorganize the African Union’s (AU) Department of Political Affairs, Peace and Security, arguing that this move would result in unnecessary costs. President Bola Tinubu expressed this stance during discussions on AU reforms in Addis Ababa, Ethiopia, emphasizing that splitting the department could destabilize the AU’s political processes. He underlined that any new department would incur additional expenses without improving the situation.
Furthermore, Tinubu highlighted that current structures already encompass a Support Operations Directorate, arguing for maintaining cohesion within political affairs and peace initiatives. The government also emphasized the importance of engaging all member states in the reform discussions, pointing out that any significant changes should be communicated transparently. A clearly defined process and phased implementation are necessary for effective reform.
Although Nigeria supports overall AU reforms aimed at enhancing its effectiveness in navigating global political shifts, it opposes rapid reconfigurations that could lead to fragmentation. During the session, Tinubu praised other leaders for their proposals and specifically endorsed the establishment of a Heads of State Oversight Committee for AU reforms under President Ruto’s guidance.
In support of economic initiatives, President Tinubu expressed his backing for the establishment of an Africa-led Credit Rating Agency (ACRA), intended to provide more equitable assessments of African economies compared to traditional global agencies. He noted that such an agency would help mitigate biases in existing ratings, ultimately benefiting member states’ financial assessments.
The establishment of the Africa Financing Stability Mechanism (AFSM) was also addressed by Tinubu, who highlighted its significance in tackling financial vulnerabilities faced by the continent, such as high borrowing costs and limited access to affordable long-term financing. He reiterated that the AFSM will promote resilience and economic opportunities across Africa, supporting member states in their development goals.
Finally, he acknowledged the fruitful outcomes of the meeting conducted by the Specialised Technical Committee on Finance in Abuja, which focused on solidifying financial stability across the region. The adoption of the AFSM framework is projected to enhance Uganda’s financial management and coordination against external economic shocks.
In summary, Nigeria firmly opposes restructuring the AU’s Political Affairs Department, citing potential destabilization and unnecessary expenses. President Tinubu promotes phased reforms and emphasizes transparency. He also advocates for an Africa-led Credit Rating Agency and the Africa Financing Stability Mechanism to enhance economic resilience and development among AU member states.
Original Source: thewhistler.ng
