{"id":343303,"date":"2024-10-25T18:20:46","date_gmt":"2024-10-25T17:20:46","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=343303"},"modified":"2024-10-25T18:20:46","modified_gmt":"2024-10-25T17:20:46","slug":"hardship-we-didnt-tell-tinubu-to-remove-fuel-subsidy-imf","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/10\/25\/hardship-we-didnt-tell-tinubu-to-remove-fuel-subsidy-imf\/","title":{"rendered":"Hardship: We didn&#8217;t tell Tinubu to remove fuel subsidy \u2013 IMF"},"content":{"rendered":"<ul>\n<li><strong>IMF stated that the Tinubu\u2019s government independently made the decision to do away with fuel subsidy<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/10\/24\/imf-commends-cbns-forex-reforms-aggressive-interest-rate-hikes\/\">International Monetary Fund<\/a> (IMF) has denied advising the President Bola Tinubu administration to remove fuel subsidy.<\/p>\n<p>The global lender said it does not have a say on the fiscal, monetary and macroeconomic policies of any nation.<\/p>\n<p>Speaking at a press conference during the IMF and World Bank Annual Meetings in Washington DC, United States, Abebe Selassie, IMF\u2019s African Region Director, stated that the Tinubu\u2019s government independently made the decision to do away with fuel subsidy.<\/p>\n<p>He described the move to remove subsidy on petrol as a domestic one.<\/p>\n<p>\u201cThe decision was a domestic one. We don\u2019t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK,\u201d the official said, according to Vanguard.<\/p>\n<p>However, Selassie argued that the government\u2019s choices regarding subsidy removal reflect its long-term strategy for sustainable economic growth.<\/p>\n<p>\u201cWe recognise the significant social costs involved. The government can mitigate these by expanding social protection for the most vulnerable,\u201d he said in reference to Nigerians affected by the impact of subsidy removal.<\/p>\n<p>Recall that Tinubu announced that subsidy was gone on May 29, 2023.<\/p>\n<p>The move triggered galloping inflation and cost of living crisis as the fuel pump price jumped to N600 and now currently sells for over N1000.<\/p>\n<p>Many Nigerians had accused the government of following IMF neoliberal economic policies in implementing total subsidy removal<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IMF stated that the Tinubu\u2019s government independently made the decision to do away with fuel subsidy The International Monetary Fund (IMF) has denied advising the President Bola Tinubu administration to remove fuel subsidy. The global lender said it does not have a say on the fiscal, monetary and macroeconomic policies of any nation. Speaking at [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":137871,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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