The Nigerian Labour Congress has strongly condemned the World Bank’s recommendation to increase petrol price to N750/litre as a threat to Nigeria’s Economy.
The Labour Union expressed displeasure in a press statement signed by its President, Comrade Joe Ajaero and made public today, 15th December, 2023.
According to the statement issued, the NLC vehemently rejects the advice of the World Bank and describes it as laden with intentions to destabilise the nation’s economy.
Recall that on Thursday, 14 December 2023, the World Bank said the federal government may still be paying for petrol subsidies as fuel prices in Nigeria are not cost-reflective. Hence, it is recommended that Nigerians pay about N750 per litre as opposed to the current price of N650 in some places.
In response to the World Bank’s report recommendation, the NLC’s response statement reads in part:
“Nigeria Labour Congress (NLC) has strongly condemned the World Bank’s call for increased Petrol Price to N750 in the guise of withdrawal of a non-existent subsidy which the President told the whole country during his May 29, 2023 inaugural speech that “subsidy is gone.”
“We vehemently reject the recent advice by the World Bank urging the Nigerian government to increase petrol prices to N750 per litre. 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.
“It is advice laden with mischief and intended to destabilise the nation’s economy and Nigeria’s long-term development plans. It further demonstrates to doubting Thomases that the Bretton Wood institutions, which are the arrowheads of the neoliberal school, are not pro-poor but are steeped in predatory policies that beggar the poor so that the rich will become richer.
“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 programmes have destabilised 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, is still ravaging the nation, destroying in its wake the nation’s industrial base and domestic manufacturing capacity which favours Western metropoles,” NLC insisted.
NLC also warned the federal government against taking economic advice that is detrimental to the welfare of its citizens.
“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. Our leaders must look inward, tapping into our nation’s vast resources and human potential to address challenges and formulate policies that 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, imperilling our nation.
“It is crucial for the Nigerian government to prioritise the welfare of its people over external pressures. We call on the government to resist the temptation to implement policies that cater to the interests of international bodies, even at the expense of the well-being of its citizens.
The World Bank is a Globalist North in thoughts and actions and has little or no consideration for the Global South. 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 the World Bank’s prescription worldwide 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.
We may describe the World Bank as waging a War against Nigeria and its people as it may be pursuing policies that may destroy our nation and our people. We must view the World Bank as the real enemy of Nigeria, and its policies and prescriptions must be treated as such.
The World Bank is so hypocritical it fails to see the nexus between price and capacity. The minimum wage in Nigeria for a privileged few is N30,000. The same minimum wage in the US, where the law is enforced, is N1.5 million. If you advocate for international prices, it becomes commonsensical that you must advocate for international wages. Our local reality is that we cannot think of increasing the Pump price of PMS any further, as it is a product whose price is pivotal in determining the price of other items in the country. We cannot toy with a prescription that is akin to a suicide Pill. We urge the Federal Government not to be tempted in any way to swallow that Pill. It will wreck the nation further!
In light of this, if the government knows what is good for it, it should ignore the World Bank but must remain committed to fighting inherent corruption in the downstream sector of the petroleum industry. It must also cut down the high cost of governance. The 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. We advise the World Bank that if it loves Nigeria too much, it should support the government in ensuring that the refineries in Nigeria come back on stream instead of continuing its advice for the continuous importation of petroleum products.
Once again, we urge the Federal Government to distance itself from such a prescription as ill-motivated advice will further devastate our nation and increase its suffering and angst. 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.
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