The Nigeria Labour Congress (NLC) has urged the International Monetary Fund (IMF) and World Bank (WB) to stop lending money to governments that lack accountability to their citizens, warning that such loans exacerbate governance crises and push nations deeper into debt and underdevelopment.
NLC President, Joe Ajaero, made this demand during a high-level meeting between the global labour movement, IMF, and WB at the World Bank headquarters in Washington, D.C.
In his presentation titled “Progressive Taxation and Fiscal Consolidation,” Ajaero criticized the economic policies imposed by the Bretton Woods institutions, arguing that their prescriptions have worsened poverty and undermined Nigeria’s economic development.