Nigeria Labour Congress rejects World Bank’s proposed N750/Litre petrol price hike, labeling it an economic threat


In a statement titled “World Bank’s N750 a liter for Premium Motor Spirit is a threat to Nigeria’s economy,” the Nigeria Labour Congress (NLC) vehemently opposes the recent recommendation by the World Bank to increase the pump price of petrol to N750 per liter. NLC President Joe Ajaero asserts that the World Bank’s advice, which urges the Nigerian government to abandon subsidies and increase taxes, poses a serious threat to the nation’s economy and development plans.

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The NLC condemns the World Bank’s lead economist for Nigeria, Alex Sienaert, and accuses the institution of promoting policies that favor foreign interests at the expense of the well-being of Nigerian citizens. The statement highlights the historical failures of the World Bank’s prescriptions in other countries and urges the Nigerian government to prioritize the welfare of its people over external pressures.

The NLC emphasizes the need for Nigeria to resist foreign interventions, especially those dictated by the World Bank and the IMF, citing the destructive impact of past hikes in fuel prices on the nation’s industrial base and domestic manufacturing capacity. The NLC calls on the government to tap into domestic resources and human potential to address challenges and formulate policies that genuinely uplift the standard of living for all Nigerians.

Gbenga Samson
Gbenga Samson
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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