The Nigeria Labour Congress (NLC) issued a stern warning to the Federal Government, urging it to reject the World Bank’s proposal to increase the pump price of Premium Motor Spirit (PMS) to N750/Litre.
The NLC’s Head of Information, Benson Upah, stated in an interview with newsmen that any further fuel price hike would lead to anarchy in the country.
Upah called on the government to dismiss the World Bank’s recommendation, emphasizing that such an increase would be detrimental to the citizens.
Currently, PMS is priced between N620 and N650/litre in most locations across the country.
Oil marketers, on the other hand, explained that the actual cost of PMS should be around N1,000/litre without government subsidies.
However, the government denied these claims and the World Bank’s suggestion of reintroducing subsidy on petrol in Nigeria.
The World Bank’s lead economist for Nigeria, Alex Sienaert, recommended stopping the subsidy payment on petrol and raising the cost of the product to N750/litre.
The NLC responded, describing the World Bank as a predatory institution and calling its proposal an invitation to anarchy.
NLC’s Head of Information, Upah, criticized the World Bank for its globalist approach and lack of consideration for the welfare of Nigerians.
He stressed that the initial fuel price increment had already caused significant problems in Nigeria and raising it to N750/litre would exacerbate the situation.
Upah urged the government to focus on fighting corruption in the downstream sector of the petroleum industry and reducing the high cost of governance instead.
