The Nigeria Labour Congress (NLC) has strongly opposed the World Bank’s proposal to increase Premium Motor Spirit (PMS) prices to N750 per litre. In an interview with The PUNCH, Benson Upah, NLC’s Head of Information, cautioned that any hike in petrol prices could lead to country-wide chaos. Upah urged the government to reject the World Bank’s suggestion, highlighting the potential societal turmoil that could result from the current rates that hover between N620 and N650 per litre.
Upah criticized the World Bank for being a globalist north institution with little or no concern for the global south. He called it a predatory institution that the global north uses to justify its crimes against the south. Upah mentioned that the World Bank is almost single-handedly responsible for ruining the economies of countries in the global south, prescribing one solution for all ailments. The NLC’s Head of Information stated that the World Bank does not care what happens to Nigeria or Nigerians and can say whatever it likes or push around the country’s leaders like house helps.
Upah believes that the present pump price of PMS has destroyed the country. He stated that raising it to N750 per litre would invite anarchy upon the land. The World Bank fails to see the nexus between price and capacity, and it is hypocritical. The minimum wage in Nigeria for a privileged few is N30,000, while the same minimum wage in the United States, where the law is enforced, is N1.5m.
Upah advised the government to ignore the World Bank but remain committed to fighting inherent corruption in the downstream sector of the petroleum industry. He also suggested that the government must cut down the high cost of governance.