The Nigeria Labour Congress (NLC) has censured the International Monetary Fund (IMF) and the World Bank to cease imposing what it describes as insincere policy advisories on Nigeria.
This statement was made by the NLC president in a press release on Sunday, following remarks from IMF African Region Director Abebe Selassie during a press conference at the IMF and World Bank Annual Meetings in Washington, DC.
Selassie referred to the Nigerian government’s decision to remove fuel subsidies as a domestic issue.
The NLC countered the IMF’s stance, asserting that the organization is attempting to dissociate itself from the negative impact of policies that have contributed to widespread hardship in Nigeria.
The union stated, “The IMF appears to be distancing itself from the impending backlash of these policies, but Nigerians are not naive; we are aware of the damaging effects of its detrimental strategies on Nigeria and the broader African context.”
The NLC further remarked, “The IMF’s denial of involvement in Nigeria’s subsidy removal feels insincere, considering its history of advocating similar austerity measures. We hope our economic leaders understand that when crises arise, the IMF and World Bank will distance themselves, leaving our government to shoulder the consequences.”
The union emphasized the need for the World Bank and IMF to stop constraining Nigeria’s economy, stating, “They have become a significant challenge for us, and we may soon have to call for their complete withdrawal from Nigeria, as their policies consistently undermine our economy and harm our citizens.”
Afripost reports that the recent removal of fuel subsidies and the floating of the Naira in June 2023 have exacerbated economic challenges for Nigerians.
However, these policies have caused fuel prices to soar to over N1,030 per litre and the exchange rate to exceed N1,600 to the dollar, significantly impacting inflation and increasing the cost of living across the country.
%20has%20censured%20the%20International%20Monetary%20Fund%20(IMF)%20and%20the%20World%20Bank%20to%20cease%20imposing.){kind=link}