IMF And World Bank’s Denial Of The Social Costs Of Their Policies Is Concerning – NLC

The Nigeria Labour Congress has come out to criticize the International Monetary Fund for its denial of responsibility regarding the Nigerian government’s recent removal of subsidy on petrol.

NLC National President, Joe Ajaaero recently had his say via a press statement, and Nigerians have been reacting.

According to him, he can only blast the IMF for presenting its harmful recommendations as growth strategies, which have led to increased socioeconomic hardship and stagnation in Nigeria and other nations that have followed their misguided advice.

He added that the IMF and World Bank’s denial of the social costs of their policies raises further concerns.

It read, “he IMF’s recent statement shows evasion, claiming Nigeria’s subsidy removal was a ‘domestic decision,’ while ignoring its significant influence on policy-making in developing countries. Despite this denial, the IMF often advocates for subsidy cuts as necessary for fiscal sustainability, making its disavowal seem hollow in a country that has frequently complied with such recommendations.

The IMF seems to be distancing itself from the future backlash of these policies, but Nigerians are not naive; we recognize the destructive effects of its harmful strategies on Nigeria and Africa.

It is disingenuous for the IMF to deny complicity, especially since we have warned the government about the consequences of adopting these policies.

The IMF’s denial of involvement in Nigeria’s subsidy removal seems insincere, given its history of recommending similar austerity measures. We hope our economic leaders recognize 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 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.”