By Abdullahi Alhassan, Kaduna
The Civil Society Legislative Advocacy Centre (CISLAC) has issued a strong call for the cancellation of illegitimate and dubious debts, urgent reform of global financial institutions, and a strengthened legislative role in financing for development and accountable spending.
The Executive Director of CISLAC, Comrade Auwal Ibrahim Musa (Rafsanjani), made the call at the Financing for Development Conference in Sevilla, Spain. According to Rafsanjani, debts incurred without public consent or accountability, known as Debts by Odious or Fraudulent Origin (DBOs), are unjust and should be cancelled.
"These debts are unjust. Their enforcement continues to stall development, burden future generations, and weaken national sovereignty," Rafsanjani declared. He also echoed Christian Aid's call for the UK government to legislate limits on private creditors suing sovereign governments in UK courts.
Rafsanjani emphasized the importance of legislative action to close tax loopholes, prevent illicit financial flows, and ensure compliance among multinationals and the wealthy elite. "Lawmakers must strengthen financial integrity laws, demand public access to beneficial ownership registers, and enforce stronger oversight of professional enablers who facilitate tax evasion and money laundering," he stated.
The CISLAC Executive Director also called for the democratization of international financial institutions such as the IMF and World Bank. "We need a global financial system where African voices matter, and where oversight is not a formality but a right," he stressed.
Rafsanjani highlighted Nigeria's debt situation, noting that the country's total public debt stock as of June 30, 2022, was N42.84 trillion ($103.31 billion), with a significant portion owed to private creditors. "The country's debt service cost presently outweighs its revenue, with clear signs of economic dangers ahead," he warned.
Rafsanjani urged the Nigerian government to ensure full coordination and implementation of the conference resolutions. "We are here in Sevilla to push for a fairer global system, stronger legislative engagement, and sustainable solutions that reflect the will and welfare of our people," he concluded.
Tags
Governance