The Nigeria Labour Congress (NLC) has called on the International Monetary Fund (IMF) and the World Bank to cease lending to governments that fail to account to their citizens.
According to the NLC, such loans only serve to exacerbate the crisis of governance and plunge nations deeper into debt and underdevelopment.
NLC President, Joe Ajaero, made this assertion at the 2025 high-level meeting of the global labour movement, the IMF, and the World Bank in Washington, D.C.
Ajaero emphasised that the economic prescriptions of the IMF and World Bank have worsened poverty and undermined Nigeria’s development.
“We represent the voice of those who are marginalized and those who are supposed to benefit from taxation but who have unfortunately in many countries begun to suffer adversely from taxation.
“Progressive taxation and fiscal consolidation are not merely an economic issue, it is a moral imperative and a key question of social justice,” Ajaero stated.
Ajaero argued that the current global economic order perpetuates inequality, with tax policies in many developing nations, including Nigeria, placing a disproportionate burden on the poor.
He urged the IMF and World Bank to support developing nations in crafting progressive tax policies that protect the poor and vulnerable.
The NLC president also called on the IMF and World Bank to prioritize transparency, accountability, and the protection of workers’ rights.
As he put it:
Quote
‘’This is not an accident, it is a systemic failure that demands urgent correction. The IMF and World Bank have, for decades, prescribed austerity measures and structural adjustment programs that prioritize debt servicing over human development.
“These policies have eroded public services, weakened labour rights, and deepened poverty. Yet, the question we must ask is: Why do these institutions continue to lend to profligate and dictatorial governments that are unaccountable to their citizens? Is it a deliberate strategy to push nations like Nigeria further into a cycle of debt and underdevelopment?
“I urge these institutions to stop lending to governments that are unaccountable to their people. Such loans only deepen the crisis of governance and push nations further into the abyss of debt and underdevelopment.
‘’Instead, the IMF and World Bank must prioritize transparency, accountability, and the protection of workers’ rights. The path to sustainable development is not through debt traps and regressive tax policies.
‘’It is through empowering nations to build equitable tax systems that serve the many, not the few. The time for change is now.”
“These policies have eroded public services, weakened labour rights, and deepened poverty. Yet, the question we must ask is: Why do these institutions continue to lend to profligate and dictatorial governments that are unaccountable to their citizens? Is it a deliberate strategy to push nations like Nigeria further into a cycle of debt and underdevelopment?
“I urge these institutions to stop lending to governments that are unaccountable to their people. Such loans only deepen the crisis of governance and push nations further into the abyss of debt and underdevelopment.
‘’Instead, the IMF and World Bank must prioritize transparency, accountability, and the protection of workers’ rights. The path to sustainable development is not through debt traps and regressive tax policies.
‘’It is through empowering nations to build equitable tax systems that serve the many, not the few. The time for change is now.”
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