{"id":116562,"date":"2025-02-25T05:00:42","date_gmt":"2025-02-25T04:00:42","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=116562"},"modified":"2025-02-25T05:00:42","modified_gmt":"2025-02-25T04:00:42","slug":"nlc-requests-imf-world-bank-to-stop-lending-to-nigerian-government","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nlc-requests-imf-world-bank-to-stop-lending-to-nigerian-government\/","title":{"rendered":"NLC Requests IMF, World Bank To Stop Lending To Nigerian Government\u00a0"},"content":{"rendered":"
The Nigeria Labour Congress, NLC, weekend in Washington DC, United States, told the International Monetary Fund, IMF and World Bank, WB, to stop lending money to governments not accountable to their citizens.<\/p>\n

According to NLC, \u201csuch loans only deepen the crisis of governance and push nations further into the abyss of debt and underdevelopment.\u201d<\/p>\n

President of NLC, Joe Ajaero, who stated this, also told the\u00a0global\u00a0financial institutions how their economic prescriptions over the years had continued to worsen poverty and undermine Nigeria\u2019s development.<\/p>\n

Ajaero, who spoke at the 2025 high-level meeting of the\u00a0global\u00a0labour movement, the IMF and WB at the World Bank office in Washington, pleaded with the Brettonwoods institutions to stop imposing blanket\u00a0austerity\u00a0measures, but support developing nations in crafting progressive tax policies that protect the poor and vulnerable.<\/p>\n

In a presentation, titled \u201cProgressive Taxation and Fiscal Consolidation,\u201d Ajaero told his audience: \u201cWe 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.<\/p>\n

\u2018\u2019Progressive taxation and fiscal consolidation are not merely an economic issue, it is a moral imperative and a key question of social justice.<\/p>\n

\u201cThe current\u00a0global\u00a0economic order, influenced heavily by institutions such as the IMF and World Bank, often perpetuates inequality rather than addressing it. In many developing nations, including Nigeria, tax policies are regressive, placing a disproportionate burden on the poor, while allowing the wealthy and multinational corporations to evade their fair share. \u2018\u2019This is not an accident, it is a systemic failure that demands urgent\u00a0correction. The IMF and World Bank have, for decades, prescribed\u00a0austerity\u00a0measures and structural adjustment programs that prioritize debt servicing over human development.<\/p>\n

\u2018\u2019These 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?<\/p>\n

\u201cThe fiscal challenges on developing nations as a result of debt pressures and IMF and WB prescriptions have compelled them to seek avenues to remain fiscally solvent. Thus, all manner of taxes are placed on workers and the poor who do not have means of evading such taxes.<\/p>\n

\u201cNigeria in its proposed tax bills, plans to impose taxes on people who earn just N800,000 per annum or U$500 (five hundred US Dollars per annum). If that is not a regressive tax proposal, nothing else will.<\/p>\n

\u201cLending to governments that do not prioritise the welfare of their people is not development; it is exploitation. It entrenches corruption, fuels inequality, and undermines democracy. The workers and citizens of these nations are left to bear the\u00a0brunt\u00a0of these policies, while the elite and their foreign enablers profit.<\/p>\n

\u2018\u2019IMF and WB must fashion a way to stop mortgaging the future of these nations by its continued lending to such regimes.<\/p>\n

\u201cWe call on the IMF and World Bank to rethink their approach. Instead of imposing blanket austerity measures, IMF and WB must support developing nations in crafting progressive tax policies that protect the poor and vulnerable\u201d.<\/p>\n

\u2018\u2019Thus IMF and WB should support inclusive tax systems. In other words, the conceptualisation and implementation of tax systems must allow the participation of key national stakeholders, especially workers who constitute the bulk of tax payers in developing economies.<\/p>\n

\u201cWhether a tax is regressive or progressive begins at the table where it was conceived. Any group that is not at the table is on the menu. The new proposed tax bills in Nigeria is not inclusive, despite our loud cries at the formation of the tax committee, the government denied workers\u2019 representation thus, its passage into law has become stymied.<\/p>\n

\u2018\u2019IMF and WB must, therefore, encourage nations to allow for the participation of all critical stakeholders in all the processes from conceptualisation to the operationalisation of their tax systems. The use of social dialogue must, therefore, be prioritised.<\/p>\n

\u201cIMF and WB must tax wealth and not poverty. They should Implement higher taxes on luxury goods, capital gains, and the incomes of the ultra-wealthy. Tax justice is at the heart of social justice and\u00a0global\u00a0sustainability.<\/p>\n

\u2018\u2019So, IMF and WB should be at the forefront of co-creating a just and equitable world. You cannot talk of progressive tax when you increase taxes on food, energy, electricity, telecommunications, street traders, artisans and the informal economy workers, all in the guise of formalisation of the informal economy.<\/p>\n

\u201cThe IMF and WB should close loopholes by ensuring multinational corporations pay their fair share of taxes in the countries where they operate. These institutions should invest in social protection by using tax revenues to fund education, healthcare and social safety nets that uplift the most vulnerable.<\/p>\n

\u201cFiscal consolidation must not come at the expense of the poor. It must be rooted in equity and justice. The IMF and World Bank have a moral obligation to ensure that their policies do not exacerbate inequality or undermine the sovereignty of nations.<\/p>\n

\u2018\u2019Reduction of social inequality must drive policy prescriptions and not social mobility. The IMF and WB should advocate and support the proposed UN Convention on Tax which was initiated late 2022 to, among other things, take care of taxing digital organizations\u2019 profits made in countries other than where they are physically located and to include all countries of the world in generating\u00a0global\u00a0tax frameworks.<\/p>\n

\u201cI 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.<\/p>\n

\u2018\u2019Instead, the IMF and World Bank must prioritize transparency,\u00a0accountability, and the protection of workers\u2019 rights. The path to sustainable development is not through debt traps and regressive tax policies.<\/p>\n

\u2018\u2019It is through empowering nations to\u00a0build\u00a0equitable tax systems that serve the many, not the few. The time for change is now.”<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The Nigeria Labour Congress, NLC, weekend in Washington DC, United States, told the International Monetary Fund, IMF and World Bank, WB, to stop lending money to governments not accountable to…<\/p>\n","protected":false},"author":1,"featured_media":112472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-116562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nNLC Requests IMF, World Bank To Stop Lending To Nigerian Government\u00a0 - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/nlc-requests-imf-world-bank-to-stop-lending-to-nigerian-government\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NLC Requests IMF, World Bank To Stop Lending To Nigerian Government\u00a0 - 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