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.Thank you for reading this post, don't forget to subscribe!
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.