The International Monetary Fund (IMF) has clarified that Nigeria has not made any request for financial assistance, despite ongoing speculations within business circles.
This was confirmed by Abebe Selassie, the IMF Director for the African Region, during the unveiling of the Sub-Saharan Africa Regional Economic Outlook for October 2024, held in Washington.
Selassie addressed the rumors directly, stating, “No, there has not been a request for funding from the IMF in Nigeria.”
He emphasized the importance of countries approaching the IMF with clear economic reform plans when seeking financial support.
“If and when countries turn to us, we hope that they do so having a very clear plan of the economic reforms they want to pursue,” Selassie added.
The IMF’s role with Nigeria remains limited to dialogue and consultations, Selassie explained, adding that the decision to remove fuel subsidies was a domestic choice.
“The decision was a domestic one. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK,” he noted.
The removal of fuel subsidies, declared by President Bola Tinubu in May, sparked a sharp increase in fuel prices across the country. Fuel prices have risen from about ₦200 per litre to approximately ₦1,200 in some areas.
Despite calls to reverse the policy, President Tinubu remains steadfast, urging Nigerians to remain patient, as he believes the reforms will eventually yield positive outcomes.