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Energy Crisis: NLC slams World Bank over N750 per litre fuel hike recommendation

Comrade Joe Ajaero, President of NLC

*The Nigeria Labour Congress declares the World Bank has ‘really shown itself to be an enemy of Nigeria,’ arguing the global financial institution’s continued grandstanding and generation of anti-poor policies and programmes have destabilised several countries, especially within the sub-Saharan region

Isola Moses | ConsumerConnect

For proposing a N750 per litre of the Premium Motor Spirit (PMS), otherwise known as petrol for consumers, the Nigeria Labour Congress (NLC) has taken a swipe at the World Bank.

The Labour Union, in a statement Comrade Joe Ajaero, President of NLC, signed and issued Thursday, December 14, 2023, described the global lender as “an enemy” of the West African country.

ConsumerConnect reports the World Bank earlier had urged the Nigerian Government to stop further subsidy payments on petrol and raise the cost of the energy product to N750/litre for the consumers.

However, in reaction to the financial institution’s recommendation to Nigeria, the NLC stated: “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.”

The Labour leaders also criticised Alex Sienaert, World Bank’s Lead Economist for Nigeria, for supporting what it called “the unwarranted recommendation” during a presentation in Abuja, FCT, and rejected an increase in petrol prices to N750 per litre.

The NLC declared: “We vehemently reject the recent advice by the World Bank urging the Nigerian government to increase petrol prices to N750 per litre.

“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.”

The Labour Union accused the World Bank of promoting policies that prioritise foreign interests over the well-being of the Nigerian people.

It advised the Federal Government to resist foreign influence in economic policies and prioritise the welfare of its citizens.

The Labour leaders stated: “The difficulties and suffering created by the recent fuel price hike, 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 further urged the Nigerian Government to look inwards, tapping into domestic resources and human potential to address challenges and uplift the standard of living for all Nigerians.

On disparity in international prices, local wages

The NLC also highlighted the disparity between international prices and local wages, the Labour Union cautioned against further increases in PMS prices.

It described such a move as a “suicide pill” that would worsen the country’s economic situation.

Fighting corruption in the downstream petroleum sector, reducing the cost of governance, and reviving domestic refineries rather than heeding the World Bank’s advice, Ajaero insisted should be the Federal Government’s topmost priority.

The Nigeria Labour Congress, therefore, cautioned the World Bank to steer clear of Nigerian economic policies, and allow the West African country to implement its policies that will be of benefit to consumers.

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