“NLC Blames IMF, World Bank for Fuel Subsidy Removal and Economic Hardships in Nigeria”

The Nigeria Labour Congress (NLC) has strongly criticized the International Monetary Fund (IMF) and World Bank, accusing them of imposing harmful economic policies on Nigeria, including the recent fuel subsidy removal by President Bola Ahmed Tinubu’s administration. NLC President Joel Ajaero argued that the IMF’s denial of responsibility for these policies is disingenuous, stating that both organizations have a history of recommending austerity measures to developing countries that often lead to hardship.

In a press release, Ajaero claimed the IMF’s “denial” of involvement in subsidy removal ignores the heavy influence it wields in Nigerian policy decisions. The NLC argued that IMF recommendations typically fail to account for local realities, creating significant social costs and economic burdens for Nigerians. The union called for Nigeria to reclaim its economic independence, warning that IMF-led policies undermine national welfare and sovereignty.