The Nigeria Labour Congress has criticized the International Monetary Fund for denying responsibility for the Nigerian government’s recent removal of petrol subsidy. The congress views this denial as cynical, reflecting the IMF and World Bank’s history of imposing harsh economic policies on developing nations.
NLC’s National President, Joe Ajaaero, condemned the IMF for portraying harmful recommendations as growth strategies, leading to increased socioeconomic challenges in Nigeria and other countries following their advice. The IMF classified Nigeria’s subsidy removal as a domestic matter during a press conference at the IMF and World Bank Annual Meetings in Washington, DC.
The NLC finds the IMF’s denial concerning, highlighting the detrimental policies imposed on Nigeria and Africa. The union expressed skepticism towards the IMF distancing itself from the negative impacts of its strategies, emphasizing the need for economic sovereignty to resist externally imposed policies that overlook local contexts and people’s needs.
Moreover, the NLC stressed the importance of Nigeria implementing policies that prioritize citizens’ well-being by focusing on growth, social welfare, and equity rather than austerity measures that exacerbate economic challenges and social instability. The union called for the World Bank and IMF to stop hindering Nigeria’s progress and threatened to demand their withdrawal if their policies continue to undermine the nation’s economy and people.