IMF’s Advice Poisonous, Says NUPENG, PENGASSAN

The Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association have described as poisonous the International Monetary Fund’s advice to the Federal Government on fuel subsidy, The Punch reports.

The Managing Director, IMF, Christine Lagarde, during a press conference on Thursday at the joint annual spring meetings with the World Bank in Washington DC, called on the Federal Government to remove fuel subsidy, describing it as the right thing to do.

The two unions said the IMF’s advice had created panic in the country, which had led to the hoarding of petroleum products.

“The statement of IMF has created panic in the country with associated hoarding of petroleum products, panic buying, skyrocketed increases in prices of goods and services in the country,” NUPENG and PENGASSAN said in a joint statement on Sunday.

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