NewStats: 3,262,188 , 8,176,377 topics. Date: Sunday, 01 June 2025 at 08:52 AM 4j5q5f

The International Monetary Fund (IMF) has denied playing a role in the removal of fuel subsidy by the President Bola Tinubu-led Nigerian government.

This was stated at a press conference during the IMF and World Bank Annual Meetings in Washington DC, United States..

According to the IMF’s African Region Director, Abebe Selassie, the decision reached was a domestic one.

“The decision was a domestic one. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK," the official said, according to Vanguard.

While agreeing the need for investment in critical sectors of the country, like healthcare, infrastructure and education, he argued that the government’s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth.

"Ultimately, these are profound domestic and political decisions that the government had to make,” he said, expressing that the IMF sees these choices as steps toward greater public resource efficiency.”

“We recognise the significant social costs involved. The government can mitigate these by expanding social protection for the most vulnerable.” he said in reference to Nigerians affected by the impact of subsidy removal.

It would be recalled that President Bola Tinubu announced that subsidy was gone on May 29, 2023, a development that led to hike on fuel prices with a litre selling for over N1000 as of the time of this report.

The government was accused of following the IMF policies in implementing total subsidy removal.

https://saharareporters.com/2024/10/25/imf-denies-asking-tinubu-government-remove-fuel-subsidy-nigeria-says-decision-domestic

While agreeing the need for investment in critical sectors of the country, like healthcare, infrastructure and education, he argued that the government’s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth.



"Ultimately, these are profound domestic and political decisions that the government had to make,” he said, expressing that the IMF sees these choices as steps toward greater public resource efficiency.”

Read in between the lines. They have been asking for it, right back to babangida days.

It is well with the blacks.

Useless article

Is IMF the ruler of Nigeria?

Were they supposed to send out orders to our President in the first place?

Wouldnt you be worried if the FG couldnt make decisions on their own and would have to rely on IMF for everything?

When Tinubu talked about removal of fuel subsidy during his campaign, was it the IMF that advised him to add that to his agenda then?

Useless Article, once again

Yet they told him to maintain his wicked policies for 15 years. Tinubu is just an arrogant failure even IMF is denying him because of his calamitious failure.

NLCreator:


https://saharareporters.com/2024/10/25/imf-denies-asking-tinubu-government-remove-fuel-subsidy-nigeria-says-decision-domestic

The only sad thing is when a president is working as a body guard or servant to another presidents just because he can steal enough money to fix his own problem and settle his friends, but in the larger picture he is a slave to another presidents or one stupid British prime minister, I have not heard IMF advising Biden, Macron or Even xi jinpin to allow there Citizens to continuing suffering till 11 years.

Wisfem:





The only sad thing is when a president is working as a body guard or servant to another presidents just because he can steal enough money to fix his own problem and settle his friends, but in the larger picture he is a slave to another presidents or one stupid British prime minister, I have not heard IMF advising Biden, Macron or Even xi jinpin to allow there Citizens to continuing suffering till 11 years.

you mean 15years
And the citizens are cool with that ,I don't know of any other country whose citizens are subdued like Nigerian,they take all kinds of shit, which allows their leaders to take all manners of reckless, meaningless decisions on their behalves, while the rulers insulate themselves

EmperorCaesar:


Useless article

Is IMF the ruler of Nigeria?

Were they supposed to send out orders to our President in the first place?

Wouldnt you be worried if the FG couldnt make decisions on their own and would have to rely on IMF for everything?

When Tinubu talked about removal of fuel subsidy during his campaign, was it the IMF that advised him to add that to his agenda then?

Useless Article, once again

It is just like me telling someone to go and burn down his father's house. The person goes, does it and comes back to blame me.

Is the person mad?

Tinubu is a leader with vision, and he will be vindicated in the long run.

Toh

Now the critics can rest

He cannot even do anything

Lol

The useless and dirty paid Tinubu trolls commenting above me all of you are bastards.

The news is not new. The subsidy removal was a local decision.

MadPolitician:
■ Read in between the lines. They have been asking for it, right back to babangida days.

Make una dey use una head. What IBB and then Tinubu did had absolutely NOTHING to do with what the IMF and even the World Bank instead suggested in their suggested reforms to Nigeria. Go back and see what Obasanjo— documented in the NEEDS project implementation plan published in 2004 —did to get an idea of what it was that the IMF and World Bank in fact suggested.


IBB, and then Tinubu, without implementing any safety nets of any kind, proceeded to completely remove subsidies— as opposed to a gradual phasing out of subsidies as necessary safety nets took effect—, damaging the economy as a result.

I am really good at finances


All my bills are outstanding

Hahhaha

They'll soon deny him... failure, they say, is an orphan

Toh

Hmmn.

💢

These IMF & World Bank Chiefs should please just leave us alone, and stop commenting. They have assisted in creating this mess.

They don't understand, and are not close to the reality of the daily process of an average Nigerian on the street.

Fuel subsidy removal was due, was supposed to have been removed.
However, the devaluation of the currency concurrently is the core issue, and it's an advise they have been pushing to our leaders for years.

Or are they going to deny advising the govt to devalue the currency?

Their theories are neo-colonial in nature. . I hope are leaders will be wise one day.

Yu

Subsidy is sha gone finally?? Next please.

President Tinubu wasn't forced assuming he was advised to do that. He should learn to take responsibility for his actions.

[b]
“I came in 1999 and met $3.7 billion in the reserve. And I have told you, we were spending $3.5 billion to service the debts. That’s what we had.“ Obj told Kayode Akintemi


“By the time we left eight years later, with debt relief, when I came in, we had a debt overhang of close to $36 billion. By the time I left, with the debt relief and clearing what we had to clear, the quantum of debt that I left was about $3.5 to $3.6 billion from over or around $36 billion.


“At the same time, the reserve that was $3.7 billion when I came in went to $45 billion. At the same time, we had what we called “Excess crude”, which is what is in excess of what we budget and what we actually sell the crude. Normally, we are conservative in budgeting, we call it “Excess crude”. So, we had in it about $25 billion. When you add that to the reserve, we are talking about $70 billion.


“Now, the point is that I left in 2007. Today between 2007 and 2024, all that amount of money has gone; all of it. Not only that, but all the money they made all that period had gone. And today, we owe more than we owe when we came to government in 1999 [/b]

- Obasanjo
Copied from LIB

tundegan:
Tinubu is a leader with vision, and he will be vindicated in the long run.

He has been vindicated

Today he is the worst president Nigeria has ever had

tundegan:
Tinubu is a leader with vision, and he will be vindicated in the long run.

Thunder and hunger strike you there

lol before nko?

so we free to roast the man alive.

yes they didn't tell the man to show his followers and fellow Nigerians shege promax+ but their agents within gave tinubu the script to execute.

directly they didn't but indirectly they didn't, we understand so they shouldn't boarder. na the mumu leaders wey we get wey dey act their devilish scripts.