- NLC urges IMF and World Bank to stop lending to unaccountable governments.
- Joe Ajaero criticizes IMF and WB policies for worsening poverty in Nigeria.
- NLC calls for fair taxation and accountability in global economic policies.
Eko Hot Blog reports that the Nigeria Labour Congress (NLC) has called on the International Monetary Fund (IMF) and the World Bank to cease lending to governments that lack accountability to their citizens, arguing that such loans exacerbate governance crises and deepen national debt burdens.
Speaking at the 2025 high-level global labour meeting at the World Bank office in Washington, NLC President Joe Ajaero criticized the economic policies of these institutions, stating that their past recommendations have worsened poverty and hindered Nigeria’s development.
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Ajaero urged the IMF and World Bank to abandon blanket austerity measures and instead support developing nations in creating progressive tax policies that protect vulnerable populations.
“We represent the voice of those who are marginalized. Progressive taxation and fiscal consolidation are not just economic issues, they are moral imperatives and questions of social justice,” he stated.
He noted that tax policies in many developing nations, including Nigeria, unfairly burden the poor while multinational corporations and the wealthy evade their fair share. “This systemic failure must be urgently corrected,” Ajaero said.
He accused the IMF and World Bank of prioritizing debt servicing over human development, leading to weakened public services, eroded labor rights, and increased poverty.
The NLC President highlighted Nigeria’s proposed tax policies, which impose levies on individuals earning as little as N800,000 per year (approximately $500), calling it a regressive move that further impoverishes citizens.
“Lending to governments that do not prioritize the welfare of their people is not development; it is exploitation. It entrenches corruption, fuels inequality, and undermines democracy,” he argued.
Ajaero urged the IMF and World Bank to promote transparency and accountability in governance while supporting tax policies that prioritize social justice. He called for inclusive tax systems where workers, the primary taxpayers in developing economies, are actively involved in policy formation.
“The IMF and World Bank must tax wealth, not poverty. Higher taxes should be placed on luxury goods, capital gains, and the ultra-wealthy. Tax justice is essential to social justice and global sustainability,” he emphasized.
Ajaero also urged the institutions to ensure multinational corporations pay their fair share of taxes in countries where they operate and to use tax revenues to fund essential services like education, healthcare, and social protection programs.
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He concluded by urging the IMF and World Bank to advocate for a fair global tax framework that reduces inequality rather than exacerbating it.
“The path to sustainable development is not through debt traps and regressive taxes but through equitable systems that serve the many, not the few. The time for change is now,” he said.
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