The Nigeria Labour Congress (NLC) has rejected the International Monetary Fund’s (IMF) claim that it had no role in the Nigerian government’s removal of petroleum subsidy.
In a Sunday statement, NLC President, Joe Ajaero, described the IMF’s denial as “cynical and typical,” accusing the organization and its partner, the World Bank, of promoting harsh economic policies that exacerbate socioeconomic hardship and stagnation in developing nations.
The NLC’s statement emphasized that the IMF’s influence on policy formation in developing countries is extensive, often recommending subsidy cuts and “austerity measures” that worsen economic turmoil and hardship.
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“IMF’s recent statement is a display of subterfuge and evasion,” the statement reads.
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Ajaero urged the World Bank and IMF to “remove their knees from our necks so that we can breathe as a nation.”
He argued that the IMF’s policies prioritize fiscal metrics over social welfare, undermining Nigeria’s economic sovereignty and autonomy.
The organization which advocates for policies that genuinely benefit Nigerians, challenged the IMF’s influence and emphasized the importance of “economic autonomy in building a just and sustainable future.”
As the IMF distances itself from Nigeria’s subsidy removal, the NLC also noted the inconsistency in its advice to developing nations.
“This shifting narrative undermines the IMF’s credibility and raises questions about the sincerity and reliability of its economic prescriptions,” the statement concluded
The NLC’s stance reflects widespread frustration with the World Bank and IMF’s interventions, which are seen as prioritizing economic growth over social welfare.
