Newscenter Media News The Nigeria Labour Congress (NLC) has slammed the International Monetary Fund (IMF) for being insincere in its denial of involvement in Nigeria’s subsidy removal.
This is even as the labour union warned the Nigerian government 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.
Ripples Nigeria reports that during a press conference at the IMF and World Bank Annual Meetings in Washington, DC, Abebe Aemro Selassie, the IMF’s African Region Director, characterized the Nigerian government’s decision to remove the fuel subsidy as a domestic issue.
Reacting to this in a statement on Sunday, NLC National President, Joe Ajaaero, criticised the IMF’s denial of involvement in Nigeria’s subsidy removal as being insincere.
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“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 recognize that when crises occur, the IMF and World Bank will distance themselves, leaving the government to bear the burden,” it stated.
“The IMF’s recent statement shows evasion, claiming Nigeria’s subsidy removal was a ‘domestic decision,’ while ignoring its significant influence on policy-making in developing countries. Despite this denial, the IMF often advocates for subsidy cuts as necessary for fiscal sustainability, making its disavowal seem hollow in a country that has frequently complied with such recommendations,” the statement said.
Continuing, “The IMF seems to be distancing itself from the future backlash of these policies, but Nigerians are not naive; we recognize the destructive effects of its harmful strategies on Nigeria and Africa,” the union stated.
It added, “It is disingenuous for the IMF to deny complicity, especially since we have warned the government about the consequences of adopting these policies.”
Also, NLC 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.
By: Babajide Okeowo
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