News
NLC to IMF: You‘re behind Nigeria’s economic woes
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.
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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!”
A former president of Costa Rica, Oscar Arias, says his US visa has been revoked.
Arias, a Nobel laureate, said he was informed of the decision weeks after he had publicly criticised Donald Trump, comparing the behaviour of the US president to that of a Roman emperor.
The 84-year-old, who was awarded the Nobel Peace Prize for his role in brokering an end to conflicts in Central America, said US authorities had given no explanation.
Arias hinted, however, that it may be due to his rapprochement with China during the time he was president from 2006 to 2010.
Speaking at a news conference in the Costa Rican capital, San José, Arias said he had “no idea” what the reason for the cancellation was.
He said he had received a “terse” email “of a few lines” from the US government informing him of the decision.
He added that he thought that it was not President Trump but the US State Department, which had taken the decision.
While he said it would be conjecture on his part to speculate about the reason behind the visa revocation, he did point out that “I established diplomatic relations with China.
“That, of course, is known throughout the world,” he told journalists of his 2007 decision to cut ties with Taiwan and establish them with China instead.
The Trump administration has sought to oppose China’s influence in the Western hemisphere and has accused a number of Central American governments of cosying up to the Chinese government and Chinese companies.
However, it has been supportive of the current Costa Rican President, Rodrigo Chaves, praising his decision to exclude Chinese firms from participating in the development of 5G in Costa Rica.
But this perceived closeness between President Chaves and the US was criticised by Arias, who wrote a post on social media in February saying that “it has never been easy for a small country to disagree with the US government, less so when its president behaves like a Roman emperor, telling the rest of the world what to do”.
He added that “during my governments, Costa Rica never received orders from Washington as if we were a banana republic.”
Arias is not the only Costa Rican to have had his US visa revoked. Three members of the country’s national assembly who opposed President Chaves’s decree to exclude Chinese companies from participating in the development of 5G have also had theirs cancelled. [BBC]
…says state govt’s attempts to silence opposition won’t stand
…calls on IGP to immediately release detained members
Following the desperate, despicable and perfidious attempts by the Kogi state Government to gag, and hound opposition parties through the restrictions on rallies, convoy movements, and similar solidarity activities across the state, Kogi state chapter of the Peoples Democratic Party, (PDP) has roundly criticized, and totally condemned such moves.
Arising from the state Exco meeting, held Tuesday, April 1st, 2025, the PDP, having done proper analysis of the situation, believes that the move is targeted at Senator Natasha Akpoti-Uduaghan.
This was contained in a statement signed by Alhaji Umoru Tijani Aruwa State Publicity Secretary
Peoples Democratic Party, (PDP) further declaring that:
“Obviously afraid of our highly performing, and resourceful Senator, the state government had to resort to jittery, fearful, and incongrous instructions which are glaring infringement on her fundamental rights to freedom of movement and association.
“The undemocratic actions which have the tone, tenor, and texture of autocratism and despotism was clearly targeted at preventing Kogi state’s (and Nigeria’s) legislative amazon from meeting her constituents who organized the home-coming for her.
“It is highly shameful, preposterous, and cynical that the state government in their failed attempt to silence Akpoti-Uduaghan, effected the arrest of some officials and key personalities of our party in Kogi Central District; days before the event. From reports, many party faithful across the five LGAs that make up the District suffered varied degrees of harassment, intimidation, and coercion. Indeed, there were inglorious, and shameless attempts by alleged agents of the state government to induce some of our party members. But, all these desperate moves failed, comprehensively!
“Happily, all these tongue-follery attempts, ludicrous activities, and wanton shenanigans failed woefully; as the constituents and supporters, across all political parties thronged out in their numbers to solidarize and re-enact their support for Akpoti-Uduaghan.
” The visit, has once again shown that the people of Kogi Central District are not only with but also identify with her despite attempts to silence her progressive and patriotic voice by few, privileged individuals in the Senate, and collaborators in Kogi state.
“Given the outpouring of love, commendation, and eulogies extended by the people to Akpoti-Uduaghan at the event, irrespective of the numerous bobby-traps and devilish bottlenecks orchestrated by the APC government in Kogi, it clearly shows that the constituents are at home with their daughter. That the tumultuous gathering, which was organic defied all man-made encumbrances to proudly identify with her, and pass resounding confidence-vote on Akpoti-Uduaghan has rubbished every earlier plans by the Kogi state government to put forward wrong narratives about the Senatorial District.
“While we strongly urge the state government to allow the freedom of speech, movement, and association to fully thrive; without let or hate amongst the people of Kogi, we appeal that every dictatorial actions, and totalitarian tendencies that are capable of truncating democratic ethos must be put away by the present administration in the state.
“As a party, the Kogi state PDP chapter, declares unequivocal support, and stands; firmly without reservations with Senator Akpoti-Uduaghan. We also reiterate that the good people of Kogi state will continue to show utmost solidarity with her, as she forges ahead in her fight against abuse, harassment, intimidation, and segregation.
“The PDP commend the courage, doggedness, and sacrifices of the people of Kogi Central District who defied all odds to attend the home-coming event, and have also remained consistent and resolute in their respective and collective support for Akpoti-Uduaghan. Be assured that we have resolved; as always to stand with you, all.
“Finally, we call on the Inspector-General of Police, the leadership of all relevant security agencies to ensure the immediate release of all our party members that were unlawfully arrested under nebulous, and spurious guises by the state government.
The United States President Donald Trump has announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.
According to 2023 data published by Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion to US.
The main exports were crude Petroleum ($4.73 billion), Petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).
Over the past five years, according to OEC, Nigeria’s exports to the US have increased at an annualised rate of 1.59 percent, from $5.81 billion in 2018 to $6.29 billion in 2023.
Stocks had closed higher before Trump’s announcement but later buckled under the weight of the new order, disrupting business decisions and raising fears of a global trade war.
Trump said he was optimistic the numbers would improve, maintaining that the decision was critical for America’s restoration as the world’s sole superpower.
After delivering his speech, Trump signed the decision as an executive order.
The executive order imposes a “baseline” 10 percent tariff on all imports as well as individualised reciprocal tariff rates on over 60 countries.
He told foreign leaders “who will soon be calling to ask for exemptions from these tariffs” to drop theirs first.
Parts of the order had different implementation timelines, with some beginning as early as in a few hours.
“Effective at midnight, we will impose a 25-percent tariff on all foreign-made automobiles,” Trump noted.
The “baseline” 10 percent tariff would start on April 5, while higher rates on various partners would begin on April 9.
According to the US government, Nigeria charges 27 percent tariffs to the US. The report included currency manipulation and trade barriers as contributors to the amount.
In retaliation, Trump imposed a 14 percent retaliatory tariff on Nigeria.
Countries like China and Mexico already grappling with previously imposed tariffs were hit with additional rates.
Here are the country-specific tariff rates:
China –34 percent
India — 26 percent
South Korea — 25 percent
Japan — 24 percent
Taiwan — 32 percent
United Kingdom — 10 percent
Vietnam — 46 percent
Switzerland — 31 percent
Cambodia — 49 percent
South Africa — 30 percent
Indonesia — 32 percent
Brazil — 10 percent
Singapore — 10 percent
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