Home News Labour faults World Bank’s call for N750/litre fuel price

Labour faults World Bank’s call for N750/litre fuel price

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Nigeria Labour Congress (NLC) has strongly criticised the World Bank for suggesting an end to petrol subsidy and an increase in petrol price to N750 per litre, labelling the financial institution an “enemy of the Nigerian nation”.

In a statement on Friday, NLC President, Comrade Joe Ajaero expressed disappointment with the World Bank’s recommendation, highlighting the adverse effects such a policy would have on the welfare of Nigerians.

He firmly rejected the proposal, noting that Nigeria should not succumb to foreign pressure, especially from organisations like the World Bank and the International Monetary Fund (IMF), which often advocate policies detrimental to the citizens’ welfare.

“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 destabilised many countries of the South, especially nations within the sub-Saharan region”, Ajaero stated.

The NLC underscored the aftermath of previous increases in petrol prices, citing the resultant hardships and negative impacts on Nigeria’s industrial base and domestic manufacturing capacity.

Ajaero stressed the need for the government to prioritise local resources, revitalise domestic refineries, and combat corruption in the downstream petroleum sector instead of following the World Bank’s counsel.

“The difficulties and suffering created by the last hike in the price of PMS (Premium Motor Spirit) 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”, he noted.

Highlighting the disparity between international petrol prices and local wages, the NLC warned against further increases, terming it a “suicide pill” that would exacerbate the nation’s economic woes.

The union urged the government to focus on policies that uplift the standard of living for Nigerians and resist foreign influences detrimental to the nation’s interests.

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