Nigeria Labour Congress has strongly criticized the World Bank for suggesting an end to petrol subsidy and an increase in petrol price to N750 per litre, labeling the financial institution an “enemy of the Nigerian nation.”
The NLC president, Joe Ajaero, in a statement on Friday, expressed disappointment with the World Bank’s recommendation, highlighting the adverse effects such a policy would have on the welfare of Nigerians.
He firmly rejected the proposal, noting that Nigeria should not succumb to foreign pressure, especially from organisations like the World Bank and the IMF, which often advocate policies detrimental to the citizens’ welfare.
“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 stated.
The NLC underscored the aftermath of previous increases in petrol prices, citing the resultant hardships and negative impacts on Nigeria’s industrial base and domestic manufacturing capacity.
Ajaero stressed the need for the government to prioritise local resources, revitalise domestic refineries, and combat corruption in the downstream petroleum sector instead of following the World Bank’s counsel.
