By Abdullahi Alhassan | Kaduna
The Civil Society Legislative Advocacy Centre (CISLAC) has urged the Nigerian government to prioritize inclusive stakeholder participation, strengthen legislative oversight, and advocate for reforms in global financial institutions as part of its strategy for sustainable financing for development.
Speaking at the Financing for Development Conference held in Sevilla, Spain, the Executive Director of CISLAC, Comrade Auwal Ibrahim Musa (Rafsanjani), called for the cancellation of illegitimate and fraudulent debts, a more democratic global financial architecture, and improved domestic mechanisms to tackle tax evasion and illicit financial flows.
“Debts incurred without public consent or accountability—commonly referred to as debts by odious or fraudulent origin—are unjust,” Rafsanjani declared. “Their enforcement stalls development, burdens future generations, and undermines national sovereignty.”
CISLAC joined forces with Christian Aid in urging the United Kingdom government to introduce legislation that would curb the ability of private creditors to sue sovereign governments in UK courts, a legal route frequently used in cases involving Nigerian debt, which is often governed under UK jurisdiction.
Rafsanjani further emphasized the critical role of parliaments in promoting financial transparency. He called on lawmakers to:
Close tax loopholes exploited by multinationals and wealthy elites,
Strengthen laws ensuring financial integrity and transparency,
Mandate public access to beneficial ownership registers,
Regulate professional enablers involved in facilitating tax evasion and money laundering.
“Legislative institutions must step up to enforce robust oversight and ensure that financial governance is accountable, inclusive, and development-focused,” he stated.
He also decried the dominance of powerful nations in institutions such as the International Monetary Fund (IMF) and World Bank, advocating for structural reforms that would grant greater representation and voice to developing countries, especially in Africa.
“We need a global financial system where African voices are not tokenistic, but central. Oversight should not be a privilege, it must be a right,” Rafsanjani asserted.
Highlighting Nigeria’s fiscal vulnerability, he noted that as of June 30, 2022, the country’s total public debt stood at ₦42.84 trillion (approximately $103.31 billion), with a substantial share owed to private creditors. Alarmingly, debt servicing costs continue to outpace government revenue, posing a significant risk to economic stability.
Rafsanjani called on the Nigerian government to fully align with the outcomes of the Sevilla conference, ensuring the active participation of civil society and other stakeholders to foster comprehensive and inclusive implementation.
“Our presence in Sevilla is a collective push for a fairer global economic system, deeper legislative engagement, and homegrown, sustainable solutions that serve the needs and rights of our people,” he affirmed.
