Nigeria Labour Congress, NLC, has in Washington DC, United States, told the International Monetary Fund and World Bank to stop lending money to governments not accountable to their citizens.
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.
According to NLC, such loans only deepen the crisis of governance and push nations further into the abyss of debt and underdevelopment.
Ajaero, who spoke at the 2025 high-level meeting of the global labour movement, the IMF and World Bank at the World Bank office in Washington, pleaded with the Bretton Woods institutions to stop imposing blanket austerity measures, but support developing nations in crafting progressive tax policies that protect the poor and vulnerable.
Ajaero’s presentation was titled “Progressive Taxation and Fiscal Consolidation.”
