The Nigeria Labour Congress has asked the International Monetary Fund and the World Bank to stop stiffening Nigeria with its policy advisories described as ‘insincere’.
The NLC president disclosed this in a statement on Sunday.
This comes amid a statement attributed to the IMF’s African
Region Director, Abebe Selassie, during a press conference at the IMF and the
World Bank Annual Meetings in Washington, DC, that characterised the Nigerian
government’s decision to remove the fuel subsidy as a domestic issue.
However, NLC faulted the IMF for distancing itself from the
policies of the Nigerian government, which had brought hardship on the nation
and its people.
“The IMF seems to be distancing itself from the future
backlash of these policies, but Nigerians are not naive; we recognise the
destructive effects of its harmful strategies on Nigeria and Africa,” the union
stated.
According to NLC, “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 recognise 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 the 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,” the NLC stated.
The twin policies of fuel subsidy removal and Naira floating
in June 2023 had contributed heavily to the economic hardship Nigerians are
facing.
The policies that led to the fuel pump price rising to over
N1,030 per litre and the Naira to Dollar exchanging at over N1600 are having a
ripple effect on inflation and the rising cost of living in Nigeria.
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