The Nigeria Labour Congress (NLC) has openly criticized the International Monetary Fund (IMF) and the World Bank, accusing them of driving Nigeria’s fuel subsidy removal and implementing harmful economic policies that they argue have led to hardship for Nigerian citizens. NLC President Joel Ajaero claims that these institutions, which the NLC labeled “economic mischief-makers,” have a history of advising austerity measures that often harm developing nations like Nigeria.
The NLC’s statement condemns the IMF’s recent assertion that Nigeria’s decision to remove the subsidy was “domestic.” According to Ajaero, this denial is an attempt to avoid blame for policy decisions that the IMF has historically influenced. He argues that the IMF and World Bank continue to pressure Nigeria into adopting measures like subsidy cuts and price hikes, creating a disconnect between policy recommendations and the real struggles of the Nigerian people. The union asserts that these organizations prioritize fiscal metrics over social welfare, leaving many Nigerians economically vulnerable without adequate government safety nets.
The NLC emphasized the need for Nigeria to reclaim its economic sovereignty, advocating for policies that address local needs over externally-driven austerity measures. It warns that Nigeria must develop independent economic strategies to protect its people and avoid future economic turmoil.
“NLC Accuses IMF, World Bank of Driving Harmful Economic Policies in Nigeria”
