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The Nigeria Labour Congress (NLC) has labelled the World Bank an enemy of the Nigerian nation following the financial institution's proposal to the Federal Government that Premium Motor Spirit (PMS), also known as petrol, should be sold at ₦750 per litre.
President Bola Tinubu, during his inaugural speech, announced the removal of subsidy on petrol, causing the product's price to skyrocket from ₦185 to about ₦650 per litre.
However, the World Bank said that the current petrol price doesn't reflect the true market dynamic, suggesting that the Federal Government has reintroduced a partial subsidy model to keep the commodity at the official rate.
The institution, therefore, advised the government to completely halt the subsidy payment and allow the product to sell at its true market value.
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Speaking during his presentation of the Nigeria Development Update, December 2023 Edition, the World Bank’s lead economist for Nigeria, Alex Sienaert, said, “We think the price of petrol should be around ₦750/litre more than the ₦650/litre currently paid by Nigerians,”
Reacting to the World Bank remarks, the NLC National President, Joe Ajaero, in a statement on Thursday, December 15, 2023, rejected the financial institution's proposal.
“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's statement partly read.
“We vehemently reject the recent advice by the World Bank urging the Nigerian government to increase petrol prices to N750 per litre.
“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,” he added.
The union accused the World Bank of promoting policies that prioritise foreign interests over the well-being of the Nigerian people, urging the Federal Government to resist foreign influence in economic policies and prioritise the welfare of the people.
“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 leader added.