The Nigeria Labour Congress (NLC) has called on the International Monetary Fund (IMF) and the World Bank to halt what it describes as restrictive and “insincere” policy recommendations for Nigeria.
NLC President voiced these concerns in a statement released on Sunday.
This response follows remarks from IMF African Region Director Abebe Selassie, who, during a press conference at the IMF and World Bank Annual Meetings in Washington, DC, referred to Nigeria’s recent fuel subsidy removal as a domestic issue.
The NLC slammed the IMF for distancing itself from Nigerian government policies, which, it argued, have imposed significant hardship on the country and its citizens.
“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.
READ ALSO: We’re Not Behind Subsidy Removal; It was Tinubu’s Decision – IMF Tells Nigerians
“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.
According to DAILY POST, the twin policies of removing the fuel subsidy and floating the Naira in June 2023 have significantly intensified the economic hardship facing Nigerians.
These measures have pushed fuel prices to over N1,030 per liter and driven the Naira to Dollar exchange rate past N1600, fueling inflation and escalating the cost of living across the country.
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