The Nigeria Labour Congress (NLC) has accused the International Monetary Fund (IMF) and the World Bank of imposing harmful economic policies on Nigeria and then attempting to distance themselves from the fallout.
The criticism followed remarks by Abebe Selassie, IMF’s African Region Director, who referred to the recent removal of Nigeria’s fuel subsidy as a domestic matter during the IMF and World Bank Annual Meetings in Washington, D.C. This comment, according to the NLC, ignored the severe economic strain caused by IMF-backed policy recommendations.
In its statement, the NLC argued that the IMF’s attempt to separate itself from the fallout is disingenuous, pointing to a history of IMF-endorsed austerity measures that have left many Nigerians struggling. The union urged Nigeria’s leaders to recognize that these institutions often push accountability onto local governments during economic hardship.
“We call on the IMF and World Bank to stop stifling Nigeria’s economy with policies that hurt our people,” the NLC stated, adding that Nigerians are considering demanding the withdrawal of these institutions due to their impact on the economy and the worsening quality of life.
The union specifically cited the effects of the June 2023 subsidy removal and naira float, which led to fuel prices exceeding N1,030 per liter and the naira’s exchange rate dropping to over N1,600 per dollar, contributing to a cost-of-living crisis. The NLC’s statement underscores mounting frustration over international policy influence and calls for Nigeria to re-evaluate its partnerships to relieve pressure on citizens.
