IMF distances self from fuel subsidy removal, says its solely Nigerian govt’s decision

With the recent removal of fuel subsidy after the emergence of Tinubu as president, the International Monetary fund (IMF) has come forward to state that the Nigerian government is solely responsible for fuel subsidy removal.

The IMF has been faced with criticism in recent times after their fiscal reforms have led to incessant inflation and detrimental state of living in Nigeria.

The organization sent the clear message through its African Region Director, Mr. Abebe Selassie at a press conference during the IMF and World Bank Annual Meetings in Washington DC.

While reacting, Mr. Selassie said “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”.

According to him, IMF offered public resource management solutions, but he drew a line on the issue of fuel subsidy, noting that while Nigeria needs substantial investment in infrastructure, healthcare, and education, the government’s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth.

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While sympathizing with Nigerians on the their plight, he urged the Nigerian govt to initiate social investments to cushion the damning effect and aid those vulnerable in adjusting to the current situation.

“The government can mitigate these by expanding social protection for the most vulnerable”.