Nigeria Labour Congress, NLC, has dismissed the International Monetary Fund, IMF, denial of any role in Nigeria government’s removal of petrol subsidy and the implementation of other anti-people economic policies, insisting that the body is behind the country’s economic woes.

According to the NLC, the IMF and its cousin in economic mischief – the World Bank remain the twin forces that have a longstanding pattern of recommending harsh and unworkable economic policies to developing nations.


In a statement yesterday, the President of NLC, Joel Ajaero, urged the World Bank and IMF to remove their knees from our necks so that we can breathe as a nation.

The statement reads: “Nigeria Labour Congress (NLC) believes that it is cynical and indeed typical of the International Monetary Fund’s (IMF) to recently deny responsibility for the Nigerian government’s removal of petroleum subsidy.

“IMF and its cousin in economic mischief – the World Bank remains the twin forces that have longstanding pattern of recommending harsh and unworkable Economic policies to developing nations. In their usual subterfuge, they have continued to present these advisories as growth strategies but which have unfortunately often led to increased socioeconomic hardship and stagnation in Nigeria and other nations that have had the misfortune of drinking their poisoned chalice.


“At a press conference during the IMF and World Bank Annual Meetings in Washington DC, United States, Abebe Selassie, IMF’s African Region Director, described the decision to remove fuel subsidy by Nigeria’s government as a domestic one.

“IMF’s recent statement is a display of subterfuge and evasion. This denial of involvement in Nigeria’s subsidy removal, coupled with the assertion that it was a “domestic decision,” disregards the extensive influence that the IMF wields in policy formation within many developing countries. Despite this assertion, the IMF’s policy dialogues often suggest subsidy cuts as necessary steps toward fiscal sustainability.

“For Nigeria, where successive governments have frequently yielded to these recommendations, the IMF’s disavowal rings hollow, as it underplays the fund’s direct impact on the nation’s economic policies.

“The NLC has become more worried over this denial at this time which is another signpost of the already disturbing policies by the Nigerian government at the behest of the IMF and World Bank and which IMF is now trying to distance itself.

“It shows that the institution is working very hard to stay away from the blame or the backlash that its policy directions will bring in the future. IMF must know that Nigerians are not fools and we are always aware of the destructive influences its awful policy paths for Nigeria and indeed Africa has been.


“It is pretentious and truly too late to begin to deny complicity because we warned the government about the consequences of implementing IMF and World Bank-driven policies.


As IMF and World Bank continue to pretend not to know the apparent obviousness of the social costs of its policy recommendations another layer of concern is added to the entire denial.

“While the IMF acknowledges the “significant social costs involved,” it casually suggests that governments can mitigate these hardships through its idea of expanded social protections which is a system that beggars the people forcing them to dwell on handouts in this case RICE that never gets to the people. The reality in Nigeria has continued to reveal a profound disconnect – subsidy removal and price hikes have pushed essential goods beyond the reach of many, with government-provided social safety nets remaining woefully inadequate.

“This gap between IMF recommendations and the lived experiences of Nigerians highlights a
fundamental and deliberate oversight in the fund’s approach to economic policy.

“In distancing itself from Nigeria’s subsidy removal, the IMF also demonstrates an unsettling inconsistency in its advice to developing nations. It has repeatedly pressured Nigeria to undertake austerity measures, only to distance itself from the results when these recommendations bring hardship to the populace.

“This shifting narrative not only undermines the IMF’s credibility but also raises questions about the sincerity and reliability of its economic prescriptions for third-world nations. The IMF’s insistence that Nigeria is in full control of its economic policies stands in stark contrast to its historical and continued influence, which has often been accompanied by economic turmoil and hardship.

“NLC emphasizes the need for Nigeria and other developing countries to reclaim their economic sovereignty, resisting externally imposed policies that fail to consider local contexts and the needs of the masses.


“The NLC’s stance reflects a broader frustration with the World Bank and IMF’s recurring interventions, which prioritize fiscal metrics over social welfare. By advocating for policies that genuinely benefit Nigerians, we challenge the IMF’s influence and underscore the importance of economic autonomy in building a just, sustainable future.

“This once again is a powerful reminder to our leaders of the impact of international financial institutions on our people and the need to be circumspect in walking their path. “The IMF’s denial of involvement in Nigeria’s subsidy removal rings hollow, considering its decades-long history of recommending similar austerity measures

“We hope that our Economic handlers have learnt or are learning the appropriate lessons to sufficiently know that when “shit hits the fan”, IMF and World Bank will wash its hands off and leave the Government carrying the burden and holding the wrong end of the stick. “Nigeria must pursue policies that reflect the real needs of our citizens prioritize economic policies that drive growth, social welfare, and equity, not austerity measures that lead to further economic quagmire and social unrest.

“Once again, we call on the World Bank and IMF to remove their knees from our necks so that we can breathe as a nation. They have become the major problem we have as a nation and we may be forced to soon demand that they leave Nigeria entirely as their policies have continued to undermine our Economy and sabotage the people and the nation.

“IMF should not worry for we know that the Petrol price hike and the Electricity tariff hikes were domestic decisions but we also know that it is a case of “Esau’s Hands but Jacob’s voice”. IMF should not present itself cowardly but should stand up and own up! That is what is called honesty and transparency which is
the bedrock of IMF’s much-vaunted institutional integrity!”

Source: https://vanguardngr.com/NLC-to-IMF:-You‘re-behind-Nigeria’s-economic-woes

adenigga:
■ In a statement yesterday, the President of NLC, Joel Ajaero, urged the World Bank and IMF to remove their knees from our necks so that we can breathe as a nation.
The statement reads: “Nigeria Labour Congress (NLC) believes that it is cynical and indeed typical of the International Monetary Fund’s (IMF) to recently deny responsibility for the Nigerian government’s removal of petroleum subsidy.
“IMF and its cousin in economic mischief – the World Bank remains the twin forces that have longstanding pattern of recommending harsh and unworkable Economic policies to developing nations. In their usual subterfuge, they have continued to present these advisories as growth strategies but which have unfortunately often led to increased socioeconomic hardship and stagnation in Nigeria and other nations that have had the misfortune of drinking their poisoned chalice.

Ajero, please shut the f--k up already!

IMF do wetin? Na IMF go give three gbosas to Naira 70,000 minimum wage agreement wey no fit even feed a single Nigerian for a whole week abi na World Bank do that one? Na IMF promise you that measly minimum wage with the promise not to increase fuel over Naira 1000 only to almost immediately renege on that very promise? Nonsense!

I really Miss Adams Oshiomhole as the NLC president then.

GOFRONT:
I really Miss Adams Oshiomhole as the NLC president then.

The same Adams Oshiomole now f--king his own people in the back as a politician? What kain of people are you abeg!

Nigeria's economic woes have their basis in

1. Basing our economy on exporting raw materials, which means revenue is dependent on price set in London, New York and Paris. Not in Nigeria.

2. Importing large amounts of stuff at higher prices

3. Using oil money for things that taxes should cover

4. Failure to hold government to account.

5. Failure of government to do its job and make sane hard decisions, but instead short term decisions.


That is why we are where we are



Dutch disease.

Lol. We could no longer afford to subsidize laziness with oyel money. IMF didnt cause that, our wasteful system did the magic.
Currency and Petrol subsidy had to go. IMF and WB have no hands in that.
Is IMF the one going to stone devils with N90B for us?
Is IMF the one destroying alcohol in one part of the country?
Is IMF the one looting public funds?
Is IMF the one killing farmers or turning a blind eye to the killers?
Is IMF the one creating and sponsoring a Livestock ministry/program at a time humans are dying off?
Is IMF the one rejecting a central constitution in fvour of Sharia?
Is IMF the one stiffling export of goods?
Is IMF the one orcestrating Yahoo Yahoo?
Is IMF the one watching Cocoa institutes derail?
Is IMF the one refusing to invest in long term cash crops like coffee or cocoa or palm?
Are they the one maintaining idle workers on govt payroll?

Useless Labour Congress.

CodeTemplarr:
Lol. We could no longer afford to subsidize laziness with oyel money. IMF didnt cause that, our wasteful system did the magic.
Currency and Petrol subsidy had to go. IMF and WB have no hands in that.

Glad we agree, Lady Helga, plus you look rather fetching in that pale pink gown you are wearing. Lord HIldebrandt would be very pleased.

CodeTemplarr:
Lol. We could no longer afford to subsidize laziness with oyel money. IMF didnt cause that, our wasteful system did the magic. Currency and Petrol subsidy had to go. IMF and WB have no hands in that.

Had? They are still here .... still not gone! The criminals you have in government are still stealing those resources from the people while dribbling the Nigerian people with propaganda and lies.

Kukutente23:

Don't you know that when a plane is ageing, it does not see road well to see foreign object and avoid em

The VP is a critical national asset. Nigeria may be poor but were too big for our VP to be going about in a rickety jet

We can't have 129m poor citizens and still have a poor VP

Therefore we must raise taxes to buy new planes for tinubu and shettima

SilasGreenback:


Abi ooooooh.

Lets buy it for him and continue to make sacrifices. We need to man up and stop crying about inflation, as unfortunately, things cost money, and we should stop wanting everything cheap.

nedu666:


We don't pay enough tax. We should pay market price so that govt officials will see money to buy new jets

Above is what Agbado members like the ones above think about the solution to our economic problems.

They are all good APC members in standing, and support the government.


Meanwhile people like me, believe that we must increase tax to gdp, remove subsides, and embark towards industrialization, so that our economy can grow and become like the USA and Japan and Germany, an exporter of manufactured goods and services. Also we have to do the hard work of holding our government to account, whoever is in power, and aggresively fight corruption and evil. We must cut government waste spending, and follow true capitalism so that enough revenue can flow in which can be taxed and used for welfare to help the poor. Pretending oil is enough is not the answer.

But the agbado people I have quoted above do not agree with me, and would rather follow the ways of their master Tinubu, and APCPDP.

Anyway, you are free to believe what you will of me, this is for me not a popularity contest. If you no like my ideas, na so e go be.

nairalanda1:






Above is what Agbado members like the ones above think about the solution to our economic problems.

They are all good APC members in standing, and support the government.


Meanwhile people like me, believe that we must increase tax to gdp, remove subsides, and embark towards industrialization, so that our economy can grow and become like the USA and Japan and Germany, an exporter of manufactured goods and services. Also we have to do the hard work of holding our government to account, whoever is in power, and aggresively fight corruption and evil. We must cut government waste spending, and follow true capitalism so that enough revenue can flow in which can be taxed and used for welfare to help the poor. Pretending oil is enough is not the answer.

But the agbado people I have quoted above do not agree with me, and would rather follow the ways of their master Tinubu, and APCPDP.

Anyway, you are free to believe what you will of me, this is for me not a popularity contest. If you no like my ideas, na so e go be.

One simple question. How can you industralize by reducing the purchasing power of the people. How will industries thrive in that circumstance?

Needless to say, we both know you will NEVER address this question. You will respond with a litany of stupid jokes.

E be like say this labour leader nor well o...

Lemme keep mute sha

SilasGreenback:


One simple question. How can you industralize by reducing the purchasing power of the people. How will industries thrive in that circumstance?

Needless to say, we both know you will NEVER address this question. You will respond with a litany of stupid jokes.

But you did say the above, agbadorian.

We heard you.

APC was a plague some people saw from a distance and avoid accordingly but some people chanted "change", "next level "and now "renewed hopelessness." Even most educated Yorubas like Wole Soyinka became a bigot because of election. But reality is clearer today.


May Obidients and Peter Obi succeed.


May Allah ponish Apc supporters.


Ebin pawa oooooo

SilasGreenback:


One simple question. How can you industralize by reducing the purchasing power of the people. How will industries thrive in that circumstance?

Needless to say, we both know you will NEVER address this question. You will respond with a litany of stupid jokes.

You should not let people here upset you too much, my young golem

Ebola has been taking advice from the without properly analysing them. If you have any means to Japa, please do it now. Nigeria is not getting any better. Tinubu doesn't have any solution to the country's problem. The man and his gang of thieves are brain dead.

You can quote me if you're a stupid fellow cos I don't have time to reply you. Thank You

.

IMF and World Bank are just selling their business.

Tell your incompetent government leadership to be prudent with what they have and stop going there to ask for loans.

They are wasting our scarce resources and going to a willing lender, what do you think

Is IMF Tinubu now? Was he coerced into accepting it?


Abegi!

Stop blaming others for your woes and learn to take responsibility.
Nigeria is a sovereign country. Our leaders, past and most especially present are responsible for our economy woes.

Nonsense. Badly damaged and utterly comatose NLC has left Tinubu that inflicted pain on Nigerians only to blame IMF that offered advice. Useless, good for nothing, NLC.

Don't blame IMF, blame the first class Chicago accountant

Shebi the president thought IMF was Nigeria's friend, that was why he took their advice without first consulting or constituting an economic team...

Bretton woods institutions like IMF, World Bank, WTO are there to secretly promote the interests of the US in global economics. Tinubu goofed big time...

Stop electing dolts into your leadership position.

Simple.

CodeTemplarr:
Lol. We could no longer afford to subsidize laziness with oyel money. IMF didnt cause that, our wasteful system did the magic.
Currency and Petrol subsidy had to go. IMF and WB have no hands in that.
Is IMF the one going to stone devils with N90B for us?
Is IMF the one destroying alcohol in one part of the country?
Is IMF the one looting public funds?
Is IMF the one killing farmers or turning a blind eye to the killers?
Is IMF the one creating and sponsoring a Livestock ministry/program at a time humans are dying off?
Is IMF the one rejecting a central constitution in fvour of Sharia?
Is IMF the one stiffling export of goods?
Is IMF the one orcestrating Yahoo Yahoo?
Is IMF the one watching Cocoa institutes derail?
Is IMF the one refusing to invest in long term cash crops like coffee or cocoa or palm?
Are they the one maintaining idle workers on govt payroll?

Useless Labour Congress.

You just described in graphic details some of the effects of IMF policies on Nigeria (and other African countries). Thank you 👍

They were able to use and manipulate us because they had an agreement with the man in charge of the country, T-Pain. He came to power through the back door and is now agreeing to all their conditions to cripple the most populous black nation on earth, stifling its development. We shouldn't be surprised by what's happening in the country because T-Pain is trapped and must always submit to their evil decisions, or they'll expose and disgrace him out of office.

Did IMF put a gun to T pain's head and asked him to borrow money recklessly for useless projects or just for pilfering

No country has ever used IMF economic blue print and succeeded , not one!!

Yet T pain feels he is special.

IMF don push T pain govt inside gutter and they are looking the other way around

I nor blame IMF, na T pain I blame

This na exactly wetin Nigeria government like, make the citizens they blame foreigners instead of them.
Over a thousand people dey work for imf, most of them they give advice without looking the specific conditions of the country dem dey advice.

nairalanda1:



You should not let people here upset you too much, my young golem

Answer the fvcking question he asked you or you just shut da fvck UP!

Always throwing useless theories up n down.

see foolish nlc

instead of you to hold Tinubu by his balls you are fooling yourself