President Bola Tinubu, says developing counties need equitable access to capital, as this would provide the much-needed resources for development.

The president who was represented by the Minister of Budget and Economic Planning, Abubakar Bagudu, spoke at the 19th summit of heads of State and Government of the on-Aligned Movement in Kampala Uganda, where he said the developing world is not looking for sympathy, but wants fair and equal opportunities.

The president said more often than not, public debt available to developing countries is far more expensive and not substantial enough to make an impact, and thus advocates for a financing mechanism and equitable capital market access that can provide adequate financial resources.

Tinubu argued further by noting that the total budgetary resources for the 120 countries that make up the non-aligned movement, is less than $3.5trn, which is less than the budget of the United State alone, and yet the aggregate public debt of less than $6.6trn, mostly at higher interest rates and shorter tenor, is about one-sixth of one or a few developed countries.