NLC Warns World Bank’s Proposed N750/Liter Petrol Price Poses Threat to Nigeria’s Economy
The Nigeria Labour Congress (NLC) has condemned the World Bank’s proposal to increase the petrol price to N750, describing it as advice laden with mischief and intended to destabilize the country’s economy and long-term development plans. The NLC communicated its stance through a press release signed by its President, Comrade Joe Ajaero.
The union criticized the World Bank’s call for an increased petrol price, especially when the Nigerian President announced the removal of subsidy during his May 29, 2023, inaugural speech. The NLC views the proposal as detrimental to the nation’s economic stability.
“We vehemently reject the recent advice by the World Bank urging the Nigerian government to increase petrol prices to N750 per liter.
“The World Bank’s lead economist for Nigeria, Alex Sienaert, corroborated this unwarranted recommendation during a presentation in Abuja, reinforcing the need for the government to abandon its commitment to the people and embrace policies that only serve the interests of foreign entities.”
The Nigeria Labour Congress (NLC) stated that the World Bank’s advice to increase the petrol price to N750 further demonstrates that the Bretton Wood institutions, which advocate neoliberal policies, are not pro-poor. The NLC contends that such advice reflects predatory policies that disproportionately affect the poor, pushing them into poverty while benefiting the wealthy.
This criticism underscores the NLC’s concern about policies that may exacerbate the economic challenges faced by vulnerable populations in Nigeria.
“It is truly a shame that the World Bank has shown itself to be an enemy of the Nigerian nation. Its continued grandstanding and generation of anti-poor policies and programs have destabilized many countries of the South, especially nations within the sub-Saharan region.
“The difficulties and suffering created by the last hike in the price of PMS, which was a product of the advice of the World Bank and its sister institution, the IMF, are still ravaging the nation destroying in its wake the nation’s industrial base, and domestic manufacturing capacity which favors Western metropoles,” NLC argued.
The Nigeria Labour Congress (NLC) cautioned the federal government against adopting economic advice that could be detrimental to the welfare of its citizens. This warning reflects the NLC’s concern about the potential negative impact of policies on the well-being of the Nigerian population.
The NLC emphasizes the need for policies that prioritize the welfare of citizens and address economic challenges without disproportionately burdening vulnerable segments of the population.
“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 NLC stands firm in its conviction that foreign interventions, particularly those dictated by the World Bank and IMF, have a history of exacerbating economic disparities in third-world countries.
“We assert that it is not only impractical but truly immoral for the World Bank to persistently advocate for policies that endanger the lives and livelihoods of citizens, imperiling our nation.
“It is a predatory institution that the Global North uses to justify its crimes against the South. It is almost single-handedly responsible for the ruination of the economies of countries of the global South for which it prescribes one fit solution for all their ailments.
“The history of the failure of World Bank’s prescription all over the world is well-known. It therefore baffles us that such an institution with such a history of failure in the past; a track record of failed recommendations; would still have the courage to make prescriptions to a country that is one of its past victims.
“World Bank continues to be against the coming back on stream of our domestic refineries as its prescription is based on its imaginary import template instead of advising the government to ensure that the domestic refineries come back on stream.
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“The World Bank should allow Nigeria to govern itself and stop its meddlesomeness in our internal affairs which we consider very rude and insensitive.
“World Bank is truly part of the problem of Nigeria”, the NLC noted
