NLC to FG: Reject IMF recommendation on fuel subsidy

The Nigeria Labour Congress on Saturday called on the Federal Government to reject the call by the International Monetary Fund to remove fuel subsidy, saying such advice was synonymous with a hike in fuel price that would lead to more hardship for Nigerians.

Speaking during the inauguration of the local organising committee for the 6th African meeting of solidarity with Cuba in Abuja, President of the NLC, Ayuba Wabba , alleged that whenever the IMF spoke on Nigeria economy, its target was to devalue the naira, increase fuel price and making Nigeria adopt free trade policy that would affect local production negatively.

Wabba described fuel subsidy as a form of corruption and payment for the inefficiency of the nation in the oil industry, saying that the solution to it was to ensure that the four refineries in Nigeria were working.

He also called for the upgrading of the refineries to serve local demand.

He noted that if properly managed, the refineries could serve the West African market and bring more income for Nigeria.

The NLC president said that Nigeria policy in the oil sector made the country dependent on oil importation,.

Wabba questioned the rationale behind the nation’s sale of crude oil on the international market and returning to the same market to pay a high price to import fuel products instead of refining locally.

Speaking on the meeting, which comes up between September 23 and 25, 2019, Wabba said Cuba faced international conspiracy and deserved support because the country has a high population of people with African roots.

 

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