Refuse IMF’s petroleum subsidy removal, NLC warns FGt

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Energy

Monday, April 15,2019

NLC President, Mr. Ayuba Waba has warned the federal government against accepting IMF’s prescription for the removal of petroleum subsidy.

He gave the advice weekend at a news conference in Abuja. Wabba said that the continued devaluation of the Nigerian currency had created the impression of the existence of subsidy.

He said that as long as the value of the Naira was left to market forces, the issue of subsidy would continue in the country. The NLC leader urged that efforts should be made by the government to upgrade the nation’s refineries.

“As President of the International Trade Union Confederation ITUC, I recently led organised labour across the world to a meeting with the IMF and the World Bank. “I told them point blank that their one-stop recommendation on subsidy removal and other sundry policy recommendations to the third world are not working and will not work.”

Wabba noted that there was no country in the world where IMF’s recommendations had worked “or are working.’’ According to Wabba, Nigeria should be cautious in considering the options suggested by the IMF. ‘’I saw that many media houses are trying to amplify that the IMF has recommended that subsidy should be removed.

“In the first instance, is there a subsidy? This is a question we have not been able to answer. “And I want to corroborate with what President Buhari said years back that subsidy is actually corruption and that whoever is subsidising is aiding corruption and we stand by that position.

“In fact, that has remained a consistent position of NLC. We can kill that issue of subsidy if we refine our products for our domestic use and it is not rocket science” he said.

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Joseph Afam (Local Contents and Partnership Editor) (070 3949 0464) Joseph Afam is a energy and finance journalist, who has years of experience in journalism, he started his journalism career in Nigeria’s top financial newspaper in Lagos. He’s a graduate of Economics and Finance from University of Ebonyi State, Nigeria He has won series of awards and regconitions Contact him for any editorial deals and advertorial issues on # Joseph.Afam@naija247news.com, editor@naija247news.com, Cell: 070 3949 0464

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