Civil Society Orgranisations have demanded a total reform of the International Monetary Fund (IMF) Governance Framework at the 2024 Annual Meeting of the IMF in Washington D.C.
The Convener, Civil Society Legislative Accountability, Auwal Rafsajani, who made this known to Tribune Online yesterday, believed the need to democratize the framework.
Auwal decried the waning of economies in Africa and as such questions the efficacy of the needed reforms.
He lamented over the information sharing issue, noting that many legislators approve request for loans without knowledge of its usage.
According to him, We discovered almost 90 percent of rich men in Nigeria are not paying taxes and how do we make sure the revenues are optimally utilized.
Meanwhile, Rafsajani emphasized the need for focused reforms in a bid to achieve economic stability.
The Executive Director said Nigeria must stop reckless borrowing, ensuring all and sundry pay the required taxes deemed of it.
He noted that the country’s social sectors have gone down due to corruption and consequently making economic progress dufficult.
“Civil society organisations in Nigeria and Africa are demanding for a total reform of IMF governance framework.
“We believe that there is need to democratize the framework.
“Many economies in Africa is going down and such continues to create doubt across the world even as certain reforms needed to be carried out.
“One of the reasons is Information sharing. We noticed that many Legislators approve loan request without knowing what the debts are used for.
“We need to carry out serious reforms that can bring about economic stability. A lot of manufacturing companies are closing down.
“We discovered almost 90 percent of rich men in Nigeria are not paying taxes and how do we make sure the revenues are optimally utilized.
“Nigeria must stop this reckless borrowing. We need to make sure foreign companies in Nigeria pay the required taxes.
“Our social sectors have gone down due to corruption and we cannot make economic progress consequently.
“We are demanding more accountability in the financial dealings in African countries.
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