The International Monetary Fund (IMF) says it played no role
in the removal of fuel subsidy by the President Bola Tinubu administration.
It made the clarification at a press conference during the
IMF and World Bank Annual Meetings in Washington DC, United States.
Abebe Selassie, IMF’s African Region Director, described the
decision to remove fuel subsidy by Tinubu’s government as a domestic one.
“The decision was a domestic one. We don’t have programmes
in Nigeria. Our role is limited to regular dialogue, as we have with other
nations like Japan or the UK,” the official said, according to Vanguard.
However, Selassie argued that the government’s choices
regarding subsidy removal reflect its long-term strategy for sustainable
economic growth.
“We recognise the significant social costs involved. The
government can mitigate these by expanding social protection for the most
vulnerable,” he said in reference to Nigerians affected by the impact of
subsidy removal.
Recall that Tinubu announced that subsidy was gone on May
29, 2023.
The development has led to an astronomical hike in the fuel
pump price, with a litre selling for over N1000 as of the time of this report.
Many Nigerians had accused the government of following IMF
policies in implementing total subsidy removal.
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