IMF denies being behind subsidy removal, reveals who did

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The International Monetary Fund (IMF) claims it had no involvement in the President Bola Tinubu administration’s decision to eliminate the fuel subsidy.

At a news conference held in Washington, DC, USA, during the IMF and World Bank Annual Meetings, it clarified the situation.

IMF’s African Region Director Abebe Selassie characterised Tinubu’s government’s decision to eliminate fuel subsidies as a domestic one.

“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,” the official said, according to Vanguard.

Selassie countered that the government’s decisions to eliminate subsidies are a reflection of its long-term plan for steady economic expansion.

“We recognise the significant social costs involved. The government can mitigate these by expanding social protection for the most vulnerable,” he said in reference to Nigerians affected by the impact of subsidy removal.

ZINGTIE recalls that on May 29, 2023, Tinubu declared that the subsidy was no longer available.

petrol pump prices have skyrocketed as a result of the development; as of the time of this article, a litre of petrol costs over N1000.

Numerous Nigerians had accused the government of following IMF policies in implementing total subsidy removal.

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