The Nigeria Labour Congress (NLC) has criticised the IMF and World Bank for what it describes as harmful policy advisories.

After IMF Director Abebe Selassie’s comments on fuel subsidy removal, the NLC argues the IMF is distancing itself from negative impacts and may seek to withdraw these institutions from Nigeria amid rising fuel prices and a falling Naira.

As Nigeria grapples with economic challenges, the Nigeria Labour Congress (NLC) has urged the International Monetary Fund (IMF) and the World Bank to end their ‘insincere’ policy advisories.

The NLC president made this statement on Sunday, expressing growing frustration with the role of these international financial institutions in worsening the nation’s economic situation.

This plea follows comments by Abebe Selassie, the IMF’s African Region Director, who referred to the Nigerian government’s removal of fuel subsidies as a domestic issue during a press conference at the IMF and World Bank Annual Meetings in Washington, DC.

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However, the NLC strongly disagrees, arguing that such a stance allows the IMF to evade responsibility for the hardships faced by Nigerians.

“The IMF seems to be avoiding the backlash from its policies, but we do not fall for it,” the NLC declared, highlighting the detrimental effects of these financial strategies.

Moreover, they cautioned that during crises, institutions like the IMF and World Bank often withdraw support, leaving local governments to manage the fallout.

Furthermore, the urgency of the NLC’s message is underscored by the current economic climate.

Since the removal of fuel subsidies and the floating of the Naira in June 2023, fuel prices have soared above ₦1,030 per litre, and inflation continues to rise, further straining the daily lives of Nigerians.

Ultimately, the NLC’s appeal reflects a broader desire for greater economic autonomy.