“NLC Slams IMF and World Bank: Stop Funding Unaccountable Governments!”
The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has called on the International Monetary Fund (IMF) and the World Bank (WB) to cease lending money to governments that are unaccountable to their citizens. Speaking at a high-level meeting in Washington DC, Ajaero argued that such loans only exacerbate governance crises and push nations deeper into debt and underdevelopment. His remarks came in response to the global financial institutions’ policies, which he claims have worsened poverty and hindered Nigeria’s development.
Ajaero, addressing officials from the IMF and World Bank at the 2025 global labour movement meeting, criticized their economic prescriptions over the years, which he claims have perpetuated inequality and eroded public services in many developing nations, including Nigeria.
Joe Ajaero Calls for Progressive Taxation and Fiscal Reforms at IMF and World Bank Meeting
Ajaero emphasized the need for a radical shift in the global financial system, advocating for progressive tax policies that protect the poor and vulnerable, rather than blanket austerity measures that hurt the working class. He pointed out that the current global economic order, heavily influenced by the IMF and WB, often worsens inequality by allowing the wealthy and multinational corporations to evade taxes while burdening the poor.
In his presentation titled “Progressive Taxation and Fiscal Consolidation,” Ajaero explained that tax systems in many developing countries, including Nigeria, are regressive, putting an unfair burden on the poor. He criticized the IMF and WB for continuing to prescribe policies that prioritize debt repayment over human development, arguing that such policies erode labor rights, deepen poverty, and fuel inequality.
NLC Blasts IMF and World Bank Over Austerity Measures, Calls for Accountability
Ajaero also raised concerns about the IMF and World Bank’s support for governments that fail to prioritize the welfare of their people, calling it a form of exploitation rather than development. He referenced Nigeria’s proposed tax bills, which would impose taxes on individuals earning as little as N800,000 (around $500) annually, labeling it as a deeply regressive tax policy.
In his passionate plea, Ajaero insisted that the IMF and WB must rethink their approach to lending. Instead of continuing to lend to “profligate and dictatorial” governments, they should support countries in creating inclusive tax systems that allow workers to have a say in the tax policies that directly affect them.
NLC Challenges IMF and World Bank to Prioritize Workers’ Rights and Tax Justice
Ajaero urged the IMF and WB to focus on taxing wealth, not poverty, by implementing higher taxes on luxury goods, capital gains, and the incomes of the ultra-wealthy. He stressed the importance of social justice, advocating for tax systems that contribute to global sustainability and address the needs of the most vulnerable populations.
He also called for greater transparency and accountability from multinational corporations, urging the IMF and WB to close tax loopholes that allow companies to avoid paying their fair share in the countries where they operate. Ajaero concluded his remarks by emphasizing that fiscal consolidation must be rooted in equity and justice, ensuring that the policies of global financial institutions do not exacerbate inequality or undermine national sovereignty.
The NLC President ended his speech by urging the IMF and World Bank to stop their support for governments that fail to serve their people, instead championing transparent, accountable, and inclusive systems that prioritize the welfare of all citizens, particularly the poor and marginalized.
