₦airaland Forum

The International Monetary Fund (IMF) has denied playing a role in the removal of fuel subsidy by the President Bola Tinubu-led Nigerian government.

This was stated at a press conference during the IMF and World Bank Annual Meetings in Washington DC, United States..

According to the IMF’s African Region Director, Abebe Selassie, the decision reached was 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.

While agreeing the need for investment in critical sectors of the country, like healthcare, infrastructure and education, he argued that the government’s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth.

"Ultimately, these are profound domestic and political decisions that the government had to make,” he said, expressing that the IMF sees these choices as steps toward greater public resource efficiency.”

“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.

It would be recalled that President Bola Tinubu announced that subsidy was gone on May 29, 2023, a development that led to hike on fuel prices with a litre selling for over N1000 as of the time of this report.

The government was accused of following the IMF policies in implementing total subsidy removal.

While agreeing the need for investment in critical sectors of the country, like healthcare, infrastructure and education, he argued that the government’s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth.



"Ultimately, these are profound domestic and political decisions that the government had to make,” he said, expressing that the IMF sees these choices as steps toward greater public resource efficiency.”

NLCreator:
https://saharareporters.com/2024/10/25/imf-denies-asking-tinubu-government-remove-fuel-subsidy-nigeria-says-decision-domestic

Wisfem:
The only sad thing is when a president is working as a body guard or servant to another presidents just because he can steal enough money to fix his own problem and settle his friends, but in the larger picture he is a slave to another presidents or one stupid British prime minister, I have not heard IMF advising Biden, Macron or Even xi jinpin to allow there Citizens to continuing suffering till 11 years.

EmperorCaesar:


Useless article

Is IMF the ruler of Nigeria?

Were they supposed to send out orders to our President in the first place?

Wouldnt you be worried if the FG couldnt make decisions on their own and would have to rely on IMF for everything?

When Tinubu talked about removal of fuel subsidy during his campaign, was it the IMF that advised him to add that to his agenda then?

Useless Article, once again

MadPolitician:
■ Read in between the lines. They have been asking for it, right back to babangida days.

[b]
“I came in 1999 and met $3.7 billion in the reserve. And I have told you, we were spending $3.5 billion to service the debts. That’s what we had.“ Obj told Kayode Akintemi


“By the time we left eight years later, with debt relief, when I came in, we had a debt overhang of close to $36 billion. By the time I left, with the debt relief and clearing what we had to clear, the quantum of debt that I left was about $3.5 to $3.6 billion from over or around $36 billion.


“At the same time, the reserve that was $3.7 billion when I came in went to $45 billion. At the same time, we had what we called “Excess crude”, which is what is in excess of what we budget and what we actually sell the crude. Normally, we are conservative in budgeting, we call it “Excess crude”. So, we had in it about $25 billion. When you add that to the reserve, we are talking about $70 billion.


“Now, the point is that I left in 2007. Today between 2007 and 2024, all that amount of money has gone; all of it. Not only that, but all the money they made all that period had gone. And today, we owe more than we owe when we came to government in 1999 [/b]

tundegan:
Tinubu is a leader with vision, and he will be vindicated in the long run.

tundegan:
Tinubu is a leader with vision, and he will be vindicated in the long run.