The International Monetary Fund (IMF) has denied influencing President Bola Tinubu’s decision to remove the fuel subsidy in the country.

The African Region Director of the IMF, Abebe Selassie, disclosed this at a press conference during the IMF and World Bank annual meetings in Washington DC.

Mr Selassie stated, “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.”

According to the global monetary body, Mr Tinubu independently made the decision, countering accusations that the IMF influenced his implementation of the unpopular economic reforms.

Aside from the fuel subsidy removal, the floating of the naira, the increase in taxes, and higher interest rates, among other policies, have exacerbated inflation and the rising cost of goods, further deepening hardship and poverty in the country.

The IMF, however, stated that Mr Tinubu’s subsidy removal would benefit the country, as it aims to create sustainable economic growth and greater public resource efficiency, insisting that “ultimately, these are profound domestic and political decisions that the government had to make.”

Mr Selassie also urged the government to initiate social investments for the vulnerable to cushion the effects of the economic reforms.

“We recognise the significant social costs involved. The government can mitigate these by expanding social protection for the most vulnerable,” he advised.