The Nigeria Labour Congress (NLC) has slammed the International Monetary Fund (IMF) for its recent denial of responsibility regarding the Nigerian government's removal of petrol subsidies.
In a statement released on Sunday, NLC President Joe Ajaero described the IMF's stance as "cynical," arguing that it reflects a broader pattern of imposing harsh economic policies on developing nations.
During a press conference at the IMF and World Bank Annual Meetings in Washington, D.C., Abebe Selassie, the IMF’s African Region Director, characterized the subsidy removal as a domestic issue.
However, Ajaero countered this claim, claiming that the IMF often advocates for such cuts as part of its fiscal sustainability agenda, thereby exerting significant influence over policymaking in Nigeria.
"The IMF’s recent statement shows evasion," Ajaero stated, emphasizing that the denial appears hollow given Nigeria's history of compliance with IMF recommendations.
The NLC raised alarm over the implications of the IMF's denial, suggesting it indicates a troubling disregard for the socioeconomic hardships faced by Nigerians. "Nigerians are not naive; we recognize the destructive effects of its harmful strategies on Nigeria and Africa," the union stated.
They criticized the IMF for suggesting that governments should mitigate social costs through expanded protections, calling these measures inadequate and often ineffective.
Furthermore, Ajaero highlighted a disconnect between IMF recommendations and the realities faced by Nigerians, noting that rising prices have made essential goods unaffordable while social safety nets remain insufficient.
He warned that these policies have perpetuated a cycle of poverty and dependency among citizens reliant on government handouts.
The NLC urged Nigeria and other developing nations to reclaim their economic sovereignty and resist externally imposed policies that fail to address local needs.
