By Sharon Akuboh
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. Executive Director Comrade Auwal Ibrahim Musa (Rafsanjani) made the call at the Financing for Development Conference in Sevilla, Spain.
Debt Justice and Systemic Reform
Rafsanjani emphasized the need for the total cancellation of debts incurred without public consent or accountability, citing their unjust nature and the burden they place on future generations. He also supported demands for mandatory private creditor participation in debt renegotiation processes and the establishment of a UN debt workout mechanism.
Legislative Role in Tax Reform and Financial Integrity
The CISLAC Executive Director stressed the importance of legislative action to close tax loopholes, prevent illicit financial flows, and ensure compliance among multinationals and the wealthy elite. He also emphasized the need for robust public financial management, transparency in debt contracting, and oversight across all stages of the budget process.
Inclusive Global Governance and Legislative Oversight
Rafsanjani called for the democratization of international financial institutions, such as the IMF and World Bank, to ensure inclusive representation and African voices are heard. He also emphasized the need for legislative institutions in Africa to be empowered to hold both domestic and international actors accountable.
Key Demands
- Cancellation of illegitimate and dubious debts
- Reform of global financial institutions
- Strengthened legislative role in financing for development and accountable spending
- Increased concessional financing from wealthy nations
- End to fossil fuel subsidies that worsen climate impacts
- Closure of tax loopholes and prevention of illicit financial flows
Conclusion
Rafsanjani concluded that responsible and effective financing for the Sustainable Development Goals (SDGs) in Nigeria and across Africa will help address poverty, reduce inequality, and ensure access to justice, peace, and inclusive institutions. He urged the Nigerian government to ensure full coordination and implementation of the conference resolutions with the inclusive participation of all stakeholders.