In July, the Nigerian House of Representatives adopted a non-binding motion urging the federal government to suspend all activities in respect of an IMF standby loan until the conditions were made public. The motion comes after riots in June following government removal of subsidies for cooking fuel and petrol as a condition for the $1bn standby loan. The Speaker of the House, Umar Ghali Na’Abba called for members to be given full information about the institutions and their relationship with Nigeria, “it is only then that we can be properly equipped to delve into these things,” he said.
The IMF and the World Bank are increasingly engaged with the challenge of addressing how tax avoidance and evasion affect developing countries, but need to address the role played by multinational enterprises and tax havens in exacerbating inequality and undermining countries’ domestic revenues.
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