The Nigeria Labour Congress (NLC) has criticized the World Bank, labeling it an adversary after the institution suggested the Federal Government cease petrol subsidy and increase prices to N750/litre.
NLC condemned the World Bank’s advice, accusing it of prioritizing foreign interests over Nigerian welfare.
The union urged the government to resist external influence, emphasizing the need to tap into domestic resources and address challenges independently.
NLC Chief Ajaero emphasized the negative impact of previous World Bank advice on the nation’s industrial base and urged a focus on fighting corruption, reducing governance costs, and reviving domestic refineries instead.
The union cautioned against further increases in petrol prices, describing such a move as a “suicide pill” that would worsen the nation’s economic situation.
Highlighting the disparity between international prices and local wages, the labour union cautioned against further increases in PMS prices, describing such a move as a “suicide pill” that would worsen the nation’s economic situation.
Fighting corruption in the downstream petroleum sector, reducing the cost of governance, and reviving domestic refineries, rather than heeding the World Bank’s advice, Ajaero insisted, should be the Federal Government’s topmost priority.
The union called on the government to look inward, tapping into domestic resources and human potential to address challenges and uplift the standard of living for all Nigerians.
The NLC also cautioned the World Bank to steer clear of Nigerian economic policies and allow the country to implement policies that will benefit its citizens.
