Despite the outrage caused by its advice to the Nigerian Government on floating the naira and the removal of fuel subsidy, the International Monetary Fund (IMF) has said that it stands by its recommendations.
Recall that experts and several Nigerians have accused the IMF of rendering ill advice to the Federal Government of Nigeria, thereby aggravating the economic challenges faced by citizens.
However, in responding to the accusations, the IMF’s spokesperson said the financial institution stands by its advice to the President Bola Tinubu-led government.
The spokesperson said in an interview, “We stand by our advice, though it’s important to underscore that individual pieces of that advice cannot be viewed in isolation.”
The IMF also noted that the recommendations made to the president are a comprehensive package with every element linked to each other for the economic stability of the nation.
“Importantly, our advice on petrol subsidies and the exchange rate is set in a larger, comprehensive policy mix that also includes scaling up social transfers to provide relief to Nigerians who are already suffering from a cost-of-living crisis or who are impacted by policy reforms,” the spokesperson added.
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