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NLC Reacts To World Bank’s N750/Litre Proposal

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3 years ago

December 15, 2023

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NLC Reacts To World Bank’s N750/Litre Proposal

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The Nigeria Labour Congress (NLC) has criticized the World Bank, labeling it an enemy of the country.

This response comes after the financial institution recommended to the Federal Government that it should cease subsidy payments on petrol and increase the cost of the product to N750/litre.

“It is truly a shame that the World Bank has really shown itself to be an enemy of the Nigerian nation. Its continued grandstanding and generation of anti-poor policies and programmes have destabilized many countries of the South, especially nations within the sub-Saharan region,” Ajaero wrote in part in a statement on Thursday.

The union expressed disapproval of the World Bank’s lead economist for Nigeria, Alex Sienaert, for endorsing the unwarranted recommendation during a presentation in Abuja. Additionally, the NLC rejected any proposal to increase petrol prices to N750 per litre.

“We vehemently reject the recent advice by the World Bank urging the Nigerian government to increase petrol prices to N750 per litre,” he said.

“We remind the government that Nigeria should not allow foreign entities like the World Bank and the IMF to dictate economic policies that are detrimental to the welfare of its citizens. It is imperative that our leaders look inwards, tapping into the vast resources and human potential within our nation to address challenges and formulate policies that genuinely uplift the standard of living for all Nigerians.”

Accusing the World Bank of advocating policies that prioritize foreign interests over the well-being of the Nigerian people, the union advised the government to resist foreign influence in economic policies and prioritize the welfare of its citizens.

“The difficulties and suffering created by the last hike in the price of PMS which was a product of the advice of the World Bank and its sister institution; the IMF is still ravaging the nation destroying in its wake the nation’s industrial base and domestic manufacturing capacity which favours Western metropoles,” the NLC chief added.

The NLC also urged the government to explore domestic resources and human potential to address challenges and improve the standard of living for all Nigerians.

Emphasizing the disparity between international prices and local wages, the union warned against further increases in petrol prices, describing such a move as a “suicide pill” that would worsen the nation’s economic situation.

The NLC advocated for efforts to fight corruption in the downstream petroleum sector, reduce the cost of governance, and revive domestic refineries as the government’s topmost priorities, dismissing the World Bank’s advice.

The union cautioned the World Bank to stay away from Nigerian economic policies and allow the country to implement policies that would benefit its citizens.

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