Let’s Breathe Freely – NLC Criticizes IMF, World Bank for Disowning Subsidy Removal Recommendation

The Nigeria Labour Congress (NLC) has issued a strong rebuke against the International Monetary Fund (IMF) and the World Bank for their perceived disavowal of responsibility regarding the Nigerian government's recent decision to remove the fuel subsidy.

The NLC criticized these institutions for what it described as "insincere" policy advisories that have contributed to economic hardship in Nigeria.

In a statement released on Sunday, NLC President Joe Ajaaero highlighted the IMF's denial of involvement in the subsidy removal, which was characterized by Abebe Selassie, the IMF’s African Region Director, as a "domestic issue" during a press conference at the IMF and World Bank Annual Meetings in Washington, DC.

The NLC argued that this denial is emblematic of a longstanding pattern where the IMF and World Bank impose harsh economic policies on developing nations while distancing themselves from the resulting negative impacts.

The NLC expressed concern over the IMF's history of recommending austerity measures, such as subsidy cuts, under the guise of fiscal sustainability. Despite the IMF's claims of non-involvement, the union pointed out that Nigerians are well aware of the destructive effects these strategies have had on the country's economy and social fabric.

The NLC emphasized the need for Nigeria to reclaim its economic sovereignty and resist externally imposed policies that do not consider local contexts and the needs of the masses.

Furthermore, the NLC called for the IMF and World Bank to cease their stifling influence on Nigeria, warning that continued adherence to their policies could lead to demands for their complete withdrawal from the country. The union urged Nigerian economic leaders to prioritize growth, social welfare, and equity over austerity measures that exacerbate economic difficulties and social unrest.