NLC Slams IMF, World Bank For Disowning Subsidy Removal Advisory

The Nigeria Labour Congress has asked the International Monetary Fund and the World Bank to stop stiffening Nigeria with its policy advisories described as ‘insincere’.

The NLC president disclosed this in a statement on Sunday.

This comes amid a statement attributed to the IMF’s African Region Director, Abebe Selassie, during a press conference at the IMF and the World Bank Annual Meetings in Washington, DC, that characterised the Nigerian government’s decision to remove the fuel subsidy as a domestic issue.

However, NLC faulted the IMF for distancing itself from the policies of the Nigerian government, which had brought hardship on the nation and its people.

“The IMF seems to be distancing itself from the future backlash of these policies, but Nigerians are not naive; we recognise the destructive effects of its harmful strategies on Nigeria and Africa,” the union stated.

According to NLC, “The IMF’s denial of involvement in Nigeria’s subsidy removal seems insincere, given its history of recommending similar austerity measures.

“We hope our economic leaders recognise that when crises occur, the IMF and World Bank will distance themselves, leaving the government to bear the burden”.

“We urge the World Bank and the IMF to stop stifling our nation so we can breathe freely. They have become a significant challenge for us, and we may soon be compelled to demand their complete withdrawal from Nigeria, as their policies consistently undermine our economy and sabotage both the people and the nation,” the NLC stated.

Reports have it that the twin policies of fuel subsidy removal and Naira floating in June 2023 had contributed heavily to the economic hardship Nigerians are facing.

The policies that led to the fuel pump price rising to over N1,030 per litre and the Naira to Dollar exchanging at over N1600 are having a ripple effect on inflation and the rising cost of living in Nigeria.