The chairman of Transparency International Nigeria and executive director of the Civil Society Legislative Advocacy Centre (CISLAC), Auwal Rafsanjani, has made a solid case for the cancellation of illegitimate and questionable debts.
He made this request during the June 30–July 3, 2025, Financing for Development Conference in Spain.
Rafsanjani called for immediate reform of international financial institutions as well as a more robust legislative role in development finance and responsible spending.
He emphasized the necessity of African legislators taking a more active role in directing and influencing financial choices that have an impact on the country’s growth.
“Lawmakers must not be ignored. According to the constitution, lawmakers are required to approve loans, supervise debt agreements, approve budgets, and make sure that borrowed and public funds are utilized fairly and honestly,” he said.
“These loans are unfair. Rafsanjani said, “Their enforcement continues to impede development, burden future generations, and erode national sovereignty.”
According to BASEMEDIA NEWS, stakeholders expressed alarm when Nigeria’s overall debt stock rose to N144.39 trillion on March 31, 2025.
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