Breaking News: NLC Labels World Bank’s Proposal For N750 Per Litre Of Petrol As Misleading

In a recent development, the President of the Nigeria Labour Congress (NLC), Joe Ajaero, expressed strong disapproval of the World Bank’s suggestion to increase the price of petrol to N750 per litre. Ajaero warned that the Bank’s proposal is not only mischievous but also poses a serious threat to the nation’s economy and long-term development plans.

In an official statement titled “World Bank’s N750 a Litre for Premium Motor Spirit is a threat to Nigeria’s economy,” NLC argued that the World Bank’s advice is filled with mischief and is intended to destabilize both the nation’s economy and its long-term development goals.

The statement continued, highlighting the contradiction between the World Bank’s recommendation and the earlier assertion by the President that the fuel subsidy had been removed. The NLC vehemently rejected the World Bank’s call for the increased petrol price, emphasizing the adverse effects such a move would have on the Nigerian populace.

NLC accused the World Bank of being an enemy to the Nigerian nation, asserting that the institution’s recommendations only serve the interests of foreign entities rather than prioritizing the welfare of the citizens. The statement pointed out that the World Bank’s lead economist for Nigeria, Alex Sienaert, supported the unwarranted recommendation during a presentation in Abuja, reinforcing the perception that these policies cater to foreign interests.

The NLC emphasized the detrimental impact of previous hikes in petrol prices, attributing them to the advice of the World Bank and its sister institution, the International Monetary Fund (IMF). The consequences of these policies, according to NLC, have ravaged the nation’s industrial base and domestic manufacturing capacity.

In a call for economic autonomy, NLC urged the Nigerian government not to succumb to external pressures from institutions like the World Bank and the IMF. The statement stressed the importance of looking inward, tapping into the nation’s vast resources and human potential to formulate policies that genuinely uplift the standard of living for all Nigerians.

NLC firmly asserted that foreign interventions, particularly those dictated by the World Bank and IMF, historically exacerbate economic disparities in third-world countries. The statement concluded by condemning the World Bank’s interference in Nigeria’s internal affairs and urging the institution to respect the sovereignty of the nation.

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Source: Bushradiogist