The Nigeria Labour Congress (NLC) has criticized the International Monetary Fund (IMF) for denying its influence over the Nigerian government’s decision to remove the petrol subsidy, arguing that IMF policies have worsened the nation’s economic situation. NLC President Joel Ajaero asserted that the IMF and World Bank have a history of recommending stringent economic policies to developing nations, which often lead to increased socioeconomic hardship.
In a recent statement, Ajaero urged the IMF and World Bank to “remove their knees from our necks so that we can breathe as a nation.” He emphasized that, while the IMF recently called the subsidy removal a “domestic decision,” the fund’s influence on Nigeria’s policy direction remains strong. Ajaero argued that these “advisories,” framed as growth strategies, have proven detrimental to Nigeria and other countries that adopt them.
The NLC condemned the IMF’s stance as evasive, noting that it minimizes the organization’s role in shaping Nigeria’s economic policies. The statement reflects NLC’s concerns about policies that seem, according to the union, to serve IMF and World Bank interests rather than Nigeria’s economic stability and growth.