The Nigeria Labour Congress (NLC) has strongly criticized the International Monetary Fund (IMF) for denying its involvement in the Nigerian government’s recent decision to remove fuel subsidy.
In a statement released on Sunday, NLC President Joe Ajaero described the IMF’s denial as “cynical” and indicative of a long-standing pattern of imposing harsh economic policies on developing nations.
The union expressed deep concern over the IMF’s tendency to present its harmful recommendations as growth strategies, which often lead to increased socioeconomic hardship and stagnation. The NLC highlighted the IMF’s role in advocating for subsidy cuts, a policy that has been detrimental to many countries, including Nigeria.
NLC also criticized the IMF’s suggestion that governments should mitigate the social costs of such policies through expanded social protection programs. The union argued that these programs are often ineffective and leave people dependent on inadequate handouts.
The NLC emphasized the need for Nigeria and other developing countries to reclaim their economic sovereignty and resist externally imposed policies that fail to consider local contexts and the needs of the masses. The union urged the IMF to be more transparent and accountable for its actions, and to prioritize the well-being of people over economic dogma.
