The decision to remove fuel Subsidy in Nigeria was solely President Bola Tinubu’s decision, the International Monetary Fund (IMF) stated that it played no role in its removal.

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

Abebe Selassie, IMF’s African Region Director, stated that the decision to remove fuel subsidy by Tinubu’s government was a domestic one.

“The decision was a domestic one. We don’t have a program 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.

However, Selassie argued that the government’s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth.

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

Recall that Tinubu announced that the subsidy was gone on May 29, 2023. The development has led to an increase in the fuel pump price, with a liter selling for over N1000 as of the time of this report.

Many Nigerians had accused the government of following IMF policies in implementing total subsidy removal.

Read Also: New Minimum Wage: Federal Govt. Begins Payment to Civil Servants