The Nigeria Labour Congress (NLC) has criticized the International Monetary Fund (IMF) for trying to deny its role in the Nigerian government’s recent decision to remove fuel subsidies.
The NLC’s president, Joe Ajaaero, called the IMF’s denial insincere, claiming it reflects a pattern of the IMF and World Bank pushing harsh economic measures on poorer countries that often lead to increased hardships for their citizens.
During a press conference, Abebe Selassie, the IMF’s African Region Director, said that Nigeria’s choice to remove the fuel subsidy was a local matter, which the NLC argues ignores the IMF’s influence on such policies. The NLC believes that the IMF often advises governments to cut subsidies for financial stability, which contradicts its claim that Nigeria is solely responsible for its choices.
The NLC expressed concern that the IMF is trying to avoid blame for any negative fallout from these policies, reminding everyone that the negative effects of such measures are well known. They believe that while the IMF acknowledges that their policies can hurt society, it only suggests that governments create social safety nets, which often aren’t effective enough.
The removal of the fuel subsidy has made everyday goods more expensive for Nigerians, and the existing government support systems are not sufficient to help those in need.
Read Also: Tinubu congratulates Luong Cuong on his election as the president of Vietnam
The NLC argues that the disconnect between what the IMF recommends and the real-life situation in Nigeria reveals a serious flaw in their approach. They also assert that this denies the country’s ability to manage its own economic strategies effectively.
Furthermore, the NLC wants Nigeria and similar nations to take back control of their economic policies and resist outside pressures that do not consider the needs of their people.
They concluded by urging the IMF to be honest and take responsibility for its influence, advocating for policies that genuinely support the growth and welfare of Nigerians instead of those that create deeper economic problems. The NLC expressed frustration with the IMF and said that if these issues continue, they may call for the IMF to withdraw from Nigeria altogether, as its policies seem to harm rather than help the country.
