By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: IMF Clarifies: Subsidy Removal Solely Nigeria’s Decision
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > IMF Clarifies: Subsidy Removal Solely Nigeria’s Decision
IMF Clarifies: Subsidy Removal Solely Nigeria's Decision
News

IMF Clarifies: Subsidy Removal Solely Nigeria’s Decision

Fesadeb
Last updated: 2024/10/25 at 9:24 PM
Fesadeb Published October 25, 2024
Share
SHARE

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.

You Might Also Like

Senator Akintunde Advocates Full Privatisation of Power Sector, Calls for Subsidy Reintroduction

Ohanaeze Youths Hail Launch of Enugu Air, Say Mbah Unlocking Economic Opportunities

Ogun Government to Launch Environmental Watchdog to Tackle Floods, Waste, and Infrastructure Abuse

Governor Lawal Distributes 59,205 Bags of Fertiliser to Boost Agriculture in Zamfara

How NASS, FRC Collaboration Boosted GOEs’ Surplus from N200bn to Over N2trn

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

Fesadeb October 25, 2024 October 25, 2024
Share this Article
Facebook Twitter Email Print

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?