We did not influence subsidy removal - IMF

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 The International Monetary Fund (IMF) has clarified that it did not influence Nigeria's decision to remove fuel subsidies. 

During a recent briefing, Abebe Selassie, the IMF’s African Region Director, emphasized that the removal was a domestic decision made by President Bola Tinubu and that the IMF's involvement is limited to dialogue with Nigeria, similar to its relations with other countries.


Selassie acknowledged the significant social impact of subsidy removal but noted that it aligns with the government's long-term strategy for sustainable economic growth. He suggested that the government should enhance social protections for the vulnerable to alleviate some of the associated hardships.


Following President Tinubu's declaration that fuel subsidies were eliminated, prices surged dramatically, escalating from approximately N200 to around N1,200 per litre in many areas, leading to public outcry and allegations that the government was adopting IMF policies.

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