By Abdullahi Alhassan, Kaduna The Civil Society Legislative Advocacy Centre (CISLAC) has called on the Nigerian government to prioritize inc...
By Abdullahi Alhassan, Kaduna
The Civil Society Legislative Advocacy Centre (CISLAC) has called on the Nigerian government to prioritize inclusive stakeholder participation in financing for development, while advocating for the cancellation of illegitimate debts and urgent reforms in global financial systems.
The call was made by CISLAC’s Executive Director, Comrade Auwal Ibrahim Musa (Rafsanjani), during the Financing for Development Conference held in Sevilla, Spain.
Rafsanjani urged for the total cancellation of debts incurred through odious or fraudulent means (DBOs)—those contracted without public consent or accountability.
“These debts are unjust. Their enforcement continues to stall development, burden future generations, and erode national sovereignty,” he stated.
CISLAC also echoed Christian Aid’s position, urging the UK government to legislate against private creditors suing sovereign governments in UK courts—a key issue as much of Nigeria’s private debt is governed under UK law.
Rafsanjani emphasized the importance of legislative reforms in Nigeria to close tax loopholes, curb illicit financial flows, and ensure stronger compliance among multinationals and wealthy elites.
“Lawmakers must strengthen financial integrity laws, ensure public access to beneficial ownership registers, and enforce oversight on professional enablers of tax evasion and money laundering,” he said.
He also called for the democratization of global financial institutions such as the International Monetary Fund (IMF) and the World Bank, arguing that these bodies are currently dominated by powerful nations with limited representation for African countries.
“We need a global financial system where African voices matter, and where oversight is not a formality but a right,” he emphasized.
Rafsanjani highlighted Nigeria’s rising debt burden, noting that as of June 30, 2022, the country’s total public debt stock stood at ₦42.84 trillion (approx. $103.31 billion), with a substantial portion owed to private creditors. He warned that Nigeria’s debt service costs now surpass its revenue, signaling looming economic distress.
To address these challenges, he urged the Nigerian government to fully coordinate and implement the conference’s resolutions with inclusive participation from all stakeholders, particularly civil society organizations.
“We are in Sevilla to push for a fairer global financial system, greater legislative accountability, and sustainable solutions that reflect the will and welfare of our people,” Rafsanjani concluded.
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