The International Monetary Fund (IMF) clarified that it had no role Nigeria’s recent removal of fuel subsidies, adding that the decision was independently made by the Nigerian government.
This was disclosed at a press conference during the IMF and World Bank Annual Meetings in Washington DC by IMF’s African Region Director, Mr. Abebe Selassie, stated, “The decision was a domestic one. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK.”
Months after the removal of fuel subsidy, the Nigerian government also floated the country’s currency.
The IMF African Region Director has applauded these policies and further noted, “Ultimately, these are profound domestic and political decisions that the government had to make.
“We recognize the significant social costs involved. The government can mitigate these by expanding social protection for the most vulnerable.”
