The International Monetary Fund (IMF) has clarified that Nigeria’s recent removal of fuel subsidies was an independent decision by President Bola Tinubu’s administration, without any IMF involvement.
Speaking at the IMF and World Bank Annual Meetings in Washington, DC, Abebe Selassie, the IMF’s African Region Director, emphasized the autonomy of Nigeria’s decision, stating, “We don’t have programs in Nigeria. Our role is limited to regular dialogue, as we have with countries like Japan or the UK.”
Selassie acknowledged that while subsidy removal aligns with Nigeria’s economic goals, it also places social strain on citizens. He recommended that the Nigerian government expand social protections to support vulnerable populations affected by the policy shift.
Since President Tinubu’s announcement of the subsidy removal on May 29, 2023, fuel prices have more than tripled, sparking public outcry. Many Nigerians had speculated that the IMF influenced the policy; however, Selassie’s statement dismisses this notion, emphasizing Nigeria’s sole authority over the decision.
