The Nigeria Labour Congress (NLC) has firmly rebuffed the recent World Bank proposal urging the Federal Government to elevate petrol prices to N750 per liter.
President Joe Ajaero, leading the NLC, decried the suggestion as not only mischievous but also potentially harmful to Nigeria’s economy and its long-term developmental trajectory.
During a presentation in Abuja, the World Bank’s lead economist for Nigeria, Alex Sienaert, advocated for the removal of an alleged subsidy and a subsequent hike in petrol prices.
The NLC fiercely opposed this move, citing the potential destabilization of the economy and the enduring hardships stemming from the previous fuel price surge—attributed, in part, to counsel from the World Bank and the International Monetary Fund (IMF).
President Ajaero underscored the detrimental implications of the World Bank’s recommendation, accusing the institution of favoring foreign interests over the well-being of Nigerian citizens.
The NLC condemned the institution’s track record of failed policies, branding them as anti-poor and detrimental to the populace.
In a statement titled “World Bank’s N750 a liter for Premium Motor Spirit is a threat to Nigeria’s economy,” President Ajaero called upon the Nigerian government to resist external pressures and prioritize the welfare of its people over international dictates. He criticized the World Bank’s globalist approach, alleging a disregard for the specific economic nuances of the Global South.
Highlighting the need for policies tailored to Nigeria’s unique challenges, the NLC urged the government to harness the nation’s abundant resources and human potential. They emphasized the importance of domestically formulated strategies to enhance the quality of life for all Nigerians, expressing concern over the audacity of the World Bank to prescribe measures that had previously failed the nation.
