IMF: We Are Not Behind Nigeria’s Fuel Subsidy Removal

The International Monetary Fund (IMF) has officially stated that it played no role in Nigeria’s recent decision to remove fuel subsidies, emphasizing that this action was made independently by the Nigerian government.

The IMF has faced mounting criticism over Nigeria’s fiscal reforms, which have contributed to rising inflation and increased hardships for many citizens. In a press conference held during the IMF and World Bank Annual Meetings in Washington, D.C., Abebe Selassie, the IMF’s Director for the African Region, clarified, “The decision was a domestic one. We don’t have programs in Nigeria. Our role is limited to regular dialogue with nations, including Japan and the UK.”

Selassie acknowledged the IMF’s recommendations regarding public resource management but stressed that the Nigerian government’s decision to remove subsidies is part of its broader strategy for sustainable economic growth. He remarked, “Ultimately, these are profound domestic and political decisions that the government had to make,” highlighting the need for substantial investments in infrastructure, healthcare, and education.

Recognizing the economic challenges faced by Nigerians, Selassie urged the government to implement social investment programs aimed at protecting vulnerable groups during this transitional period. “We recognize the significant social costs involved,” he stated. “The government can mitigate these by expanding social protection for the most vulnerable.”