“We Didn’t Force Nigeria On Fuel Subsidy Removal” -IMF

The International Monetary Fund (IMF) clarified that it did not push Nigeria to remove fuel subsidies, asserting that the decision was made independently by the Nigerian government.

The IMF has faced criticism over Nigeria’s recent economic reforms, which have led to rising inflation and greater hardship for citizens. During the IMF and World Bank Annual Meetings in Washington, D.C.

IMF’s African Region Director, Mr. Abebe Selassie, emphasized, “The decision was a domestic one. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with nations like Japan or the UK.”

Read Also:  Why Naira Is Showing Signs Of More Stability- IMF

Mr. Selassie acknowledged that while the IMF provides guidance on public resource management, Nigeria’s government made the choice to remove subsidies as part of its long-term strategy for sustainable growth. He added, “Ultimately, these are profound domestic and political decisions that the government had to make.”

Recognizing the impact on Nigerians, Mr. Selassie encouraged Nigeria’s government to implement social investments to support vulnerable groups during this transition, saying, “We recognize the significant social costs involved. The government can mitigate these by expanding social protection for the most vulnerable.”