NLC slams IMF for fuel subsidy removal denial

The Nigeria Labour Congress has condemned the International Monetary Fund for its denial of responsibility regarding the Nigerian government’s recent removal of subsidy on petrol. The congress describes the denial as cynical and emblematic of the IMF and World Bank’s longstanding pattern of imposing harsh economic policies on developing nations.

In a statement on Sunday, NLC National President, Joe Ajaaero, criticised the IMF for presenting its harmful recommendations as growth strategies, which have led to increased socioeconomic hardship and stagnation in Nigeria and other nations that have followed their misguided advice.

Recall during a press conference at the IMF and World Bank Annual Meetings in Washington, DC, the IMF’s African Region Director, Abebe Selassie, described the Nigerian government’s decision to remove the fuel subsidy as a domestic issue.

Alarmed by the IMF’s denial, NLC asserted that the disconnect between IMF recommendations and the reality in Nigeria highlights a major oversight in the fund’s economic policy. Ajaero further emphasised the need for Nigeria and other developing countries to reclaim their economic sovereignty, resisting externally imposed policies that fail to consider local contexts and the needs of the masses.