The International Monetary Fund (IMF) has denied claims that it influenced Nigeria’s decision to end fuel subsidies. Abebe Selassie, Director of the IMF’s African Region, said the decision was entirely made by Nigeria’s President Bola Tinubu and his team.
At a meeting in Washington DC with the IMF and World Bank, Selassie explained that the IMF’s role in Nigeria’s economy is very limited. “We only have regular conversations with Nigeria, just like we do with other countries,” he said.
The IMF understands that Nigeria needs more investment in important areas like healthcare, infrastructure, and education. Selassie supports the Nigerian government’s plan for long-term economic growth and believes it’s crucial to use public resources wisely.
However, he recognized that removing subsidies would have major social effects and suggested increasing social support programs to lessen the impact on vulnerable Nigerians.