NLC, over the weekend told the International Monetary Fund, IMF and World Bank, to stop lending money to governments not accountable to their citizens.
According to NLC, “such loans only deepen the crisis of governance and push nations further into the abyss of debt and underdevelopment.”
President of NLC, Joe Ajaero, who stated this, also told the global financial institutions how their economic prescriptions over the years had continued to worsen poverty and undermine Nigeria’s development.
Ajaero, who spoke at the 2025 high-level meeting of the global labour movement, the IMF and WB at the World Bank office in Washington, pleaded with the Brettonwoods institutions to stop imposing blanket austerity measures, but support developing nations in crafting progressive tax policies that protect the poor and vulnerable.