We didn’t ask Nigeria to remove fuel subsidy, says IMF

The International Monetary Fund (IMF) has clarified that it was not involved in Nigeria’s recent decision to remove fuel subsidies, asserting that this decision was made solely by the Nigerian government.

During a press briefing at the IMF and World Bank Annual Meetings in Washington DC, Mr. Abebe Selassie, the IMF’s African Region Director, emphasized that the IMF does not have any active financial programs in Nigeria, limiting its role to periodic dialogues with the country.

Mr. Selassie acknowledged Nigeria’s fiscal challenges and underscored the importance of public resource efficiency to support necessary investments in infrastructure, healthcare, and education. He highlighted the IMF’s perspective that, despite the difficulties for Nigerian citizens, the subsidy removal aligns with the government’s vision for sustainable growth. He also encouraged social investments to protect vulnerable groups during the transition, acknowledging the “significant social costs” affecting Nigerians.