The Nigeria Labour Congress (NCL) has cautioned the Federal Government against raising petrol prices to N750/litre, as advised by the World Bank.
NLC’s Head of Information, Benson Upah, in an interview with Punch, predicted potential anarchy if petrol prices are increased further.
The NLC urged the government to dismiss the World Bank’s proposal, which contrasts with current fuel prices ranging from N620 to N650/litre.
Akelicious recalls that the World Bank argued that removing fuel subsidies should raise petrol prices to N750/litre, suggesting current prices are not reflective of actual costs.
NLC in its reaction described the World Bank as a predatory institution that does not care about the welfare of Nigerians, stressing that the initial increment in the pump price of PMS had caused enough problems in Nigeria.
Upah said, “The World Bank is 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 solution for all ailments.
“It does not care what happens to Nigeria or Nigerians so it could from its perch in Washington say whatever it likes or push around our leaders like house helps.
“The truth, however, remains that the present regime of the pump price of PMS has all but destroyed the country. To now ask the government to raise it to N750/litre is to invite anarchy upon the land.
“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 United States where the law is enforced is N1.5m.
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.”
