Global Financial Institutions Must be Democratized – CISLAC

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.

Rafsanjani demanded the total cancellation of Debts by Odious or Fraudulent Origin (DBOs) – debts incurred without public consent or accountability. “These debts are unjust. Their enforcement continues to stall development, burden future generations, and weaken national sovereignty,”he declared.

CISLAC also echoed Christian Aid’s call for the UK government to legislate limits on private creditors suing sovereign governments in UK courts, as most Nigerian private debt is governed under UK law.

Rafsanjani emphasized the importance of legislative action to close tax loopholes, prevent illicit financial flows, and ensure compliance among multinationals and the wealthy elite.

He opined that “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.

Rafsanjani called for the democratization of international financial institutions such as the IMF and World Bank, stating that they are currently dominated by powerful nations and lack inclusive representation. “We need a global financial system where African voices matter, and where oversight is not a formality but a right,” he stressed.

He maintained that Nigeria’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.

Rafsanjani urged the Nigerian government to ensure full coordination and implementation of the conference resolutions, with the inclusive participation of all stakeholders, including civil society, to guarantee a holistic and impactful execution.

“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.