By Abdulmajeed Abdullateef – April 24, 2025
As the economic crisis deepens in Nigeria, the Nigeria Labour Congress (NLC) has called out the International Monetary Fund (IMF), accusing it of pushing reforms that worsen poverty, hunger, and suffering for millions of Nigerians. In a tense meeting with IMF officials, NLC leaders made it clear: reforms must prioritize people, not profits.
In a heated exchange at Labour House in Abuja, the Nigeria Labour Congress (NLC) confronted a delegation from the International Monetary Fund (IMF), blaming the Fund’s policy recommendations for the rising cost of living and unbearable hardship facing Nigerian citizens.
The IMF team—comprising Christian H. Ebeke, IMF’s Resident Representative for Nigeria, and Axel Schimmelpfennig from Washington, D.C.—met with NLC President Joe Ajaero to assess the state of Nigeria’s labor market and understand how recent government reforms are affecting workers and the masses.
According to the IMF, their visit was part of preparations for their upcoming annual country report on Nigeria. They emphasized that their policy advice is not compulsory but rather based on economic realities. However, they admitted that governments often tweak recommendations to fit political goals—an attempt to distance the IMF from the fallout of controversial reforms like fuel subsidy removal.
But Joe Ajaero wasn’t having it.
He slammed the IMF for promoting austerity measures that, in reality, have left Nigerians struggling to survive. “There was no genuine subsidy to remove,” Ajaero stated. “The government has been benefiting from crude oil sales, and what they called subsidy removal was just an excuse to hike fuel prices.”
The NLC President painted a grim picture: skyrocketing costs of essential services like education, transportation, and healthcare. Meanwhile, government officials enjoy wealth and comfort while the people bear the brunt of economic reforms.
Ajaero warned that unless the IMF and the Nigerian government take urgent steps to ease the economic pressure on citizens, the rising poverty could soon spiral into social unrest.
He also raised questions about the sincerity of the federal government’s reform agenda. “Real reform should improve the people’s lives, not line the pockets of the elite,” he said. He faulted the government for implementing policies without consulting the labor force or other critical stakeholders.
One key issue was the controversial fuel subsidy removal, which Ajaero said was carried out unilaterally without national dialogue. He stressed that inclusive engagement would have yielded better outcomes.
Ajaero also raised concerns about the minimum wage, pointing out that the new N70,000 minimum wage is not being implemented fairly across all government levels. Instead, Nigerians are being crushed under new taxes and rising inflation.
He urged the IMF to be honest in its advisory role and recommend policies that protect the vulnerable. “Please, let Nigerians breathe,” he pleaded.
The NLC ended the meeting by demanding that reforms be people-centered and inclusive. Ajaero’s final warning was stark: “If current trends continue, the gap between the rich and the poor will keep widening, and the country may not be able to contain the fallout.”
Do you think the IMF is helping or hurting Nigeria’s economy? Join the conversation in the comments and follow NIGPOST for real news that affects real people.
Leave a Reply