The Nigeria Labour Congress (NLC) has condemned the advice by the World Bank to the federal government to increase petrol prices to N750 per litre.
The NLC president, Mr. Joe Ajaero, made the condemnation on Friday in Abuja in a statement, titled, “World Bank’s N750 per litre for premium motor spirit is a threat to Nigerians economy.”
The global bank’s lead economist for Nigeria, Mr. Alex Sienaert, offered the advice recently during a presentation of the Nigeria Development Update, December 2023 edition.
He noted that based on the official foreign exchange rate, fuel should cost N750 per litre.
But Ajaero said, “We vehemently reject the recent advice by the World Bank which has asked the Nigerian government to increase petrol prices 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 destabilised many countries of the South, especially nations within the sub-Saharan region.”
Ajaero urged the government not to allow foreign entities to dictate economic policies that were 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.
“This would address challenges and formulate policies that genuinely uplift the standard of living for all Nigerians.
“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.”
He called on the government to resist the temptation to implement policies that cater for the interest of international bodies, even at the expense of the well-being of its citizens.
“The minimum wage in Nigeria for a privileged few is N30, 000 (about US$ 30), while minimum wage in the US is equivalent of N1.5 million.
“If you advocate for international prices then, it becomes commonsensical that you must advocate for international wages.
“Our local reality is that we cannot think of increasing the pump price of petrol any further as it is a product whose price is pivotal in determining the price of other items in the country.” (NAN)
