The Nigeria Labour Congress (NLC) has characterized the World Bank as an adversary of the nation following the financial institution’s request for the Federal Government to cease subsidy payments on petrol and increase the product’s price to N750 per litre.
“It is truly a shame that the World Bank has really shown itself to be an enemy of the Nigerian nation. Its continued grandstanding and generation of anti-poor policies and programmes have destabilized many countries of the South, especially nations within the sub-Saharan region,” Ajaero wrote in part in a statement on Thursday.
The union condemned the endorsement of the unjustified recommendation by the World Bank’s lead economist for Nigeria, Alex Sienaert, during a presentation in Abuja. The union also opposed any hike in petrol prices to N750 per litre.
“We vehemently reject the recent advice by the World Bank urging the Nigerian government to increase petrol prices to N750 per litre,” he said.
“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.”
Pointing fingers at the World Bank for advocating policies that favor foreign interests at the expense of the Nigerian people’s well-being, the Union urged the government to resist foreign influence in economic policies and prioritize the welfare of its citizens.
“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 is still ravaging the nation destroying in its wake the nation’s industrial base and domestic manufacturing capacity which favours Western metropoles,” the NLC chief added.
The NLC also urged the government to focus on internal resources and human potential to tackle challenges and enhance the overall standard of living for all Nigerians.
Emphasizing the gap between global prices and local wages, the labor union warned against further hikes in PMS prices, characterizing such a step as a “suicide pill” that could exacerbate the nation’s economic predicament.
In addressing corruption in the downstream petroleum sector, minimizing governance costs, and revitalizing domestic refineries, the Union insisted that these should take precedence over heeding the World Bank’s advice. Ajaero emphasized that these initiatives should be the Federal Government’s foremost priorities.
The Union cautioned the World Bank to refrain from intervening in Nigerian economic policies and encouraged the country to implement measures that would benefit its citizens.