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See Reasons NLC Accuses IMF of Fueling Nigeria’s Economic Crisis

Published by admin on October 28th, 2024.

See Reasons NLC Accuses IMF of Fueling Nigeria’s Economic Crisis

The Nigeria Labour Congress (NLC) has strongly rejected the International Monetary Fund’s (IMF) denial of involvement in the Nigerian government’s decision to remove petrol subsidies and implement other unpopular economic policies, asserting that the IMF is a key contributor to the nation’s economic struggles.

The NLC argues that both the IMF and the World Bank consistently promote harsh and ineffective economic strategies to developing countries, which have historically resulted in significant socio-economic challenges.

In a statement released yesterday, NLC President Joel Ajaero urged these financial institutions to cease their detrimental influence on Nigeria’s economy.

The statement criticized the IMF for what it termed a “cynical” denial of responsibility regarding the subsidy removal, stating: “The IMF and the World Bank have a long history of recommending unworkable economic policies under the guise of growth strategies. Unfortunately, these policies have led to increased hardship and stagnation in Nigeria and other nations that have fallen victim to their misguided advice.”