The Nigeria Labour Congress (NLC) has criticized the International Monetary Fund (IMF) for denying any role in the Nigerian government’s removal of the petrol subsidy. The NLC described the IMF’s stance as cynical, accusing the IMF and the World Bank of a long history of imposing harsh economic policies on developing nations.

In a statement on Sunday, NLC President Joe Ajaero condemned the IMF’s claim that the subsidy removal was solely a domestic decision. He argued that the IMF consistently promotes harmful policies under the guise of growth strategies, which have led to socioeconomic hardship and stagnation in Nigeria and other countries following their advice.

During a press conference at the IMF and World Bank Annual Meetings in Washington, DC, Abebe Selassie, IMF Director for the African Region, referred to the removal of Nigeria’s fuel subsidy as a domestic policy choice. However, the NLC criticized this as evasive, saying that despite the IMF’s denial, it frequently pressures developing nations to cut subsidies for fiscal sustainability. The union stated that Nigeria’s compliance with such recommendations exposes the IMF’s disavowal as insincere.

The NLC expressed concern over what it called the IMF’s attempt to distance itself from the consequences of its policies, which have had damaging effects on Nigeria’s economy. "Nigerians are not naive," the union said, "We know the destructive impact of these strategies on our nation and the continent."

The NLC also highlighted the IMF’s acknowledgment of the social costs of its policies while merely advising governments to expand social protections. It criticized this approach, saying that it often leaves citizens dependent on ineffective programs like the RICE initiative.

The union stressed the need for Nigeria to adopt policies that prioritize sustainable growth, social welfare, and equity instead of austerity measures that deepen economic challenges and fuel social unrest. "We urge the IMF and World Bank to stop suffocating our nation. Their policies have become a major obstacle to progress, and if this continues, we may demand their complete exit from Nigeria," the statement warned.

The NLC further urged the IMF to act with integrity by acknowledging its influence. "The IMF must not shy away from responsibility," it added. "Honesty and transparency are fundamental to the IMF’s integrity, and it must own up to its role in shaping these policies."