NLC warns Government against IMF recommendations on removal of Subsidy on Petroleum Products

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The Nigeria
Labour Congress (NLC) has warned the government against implementing the
recommendations of the International Monetary Fund (IMF) on the removal of
subsidy on petroleum product.

Comrade
Ayuba Wabba, President of Congress, spoke in Abuja, saying that if the country
can refine what it consumes locally, the issue of subsidy will not arise.

Wabba also
said that the continued devaluation of the Nigerian currency has created the
impression of the existence of subsidy, adding that as long as the value of
naira is left to market forces, the issue of subsidy will continue in the
country, adding that efforts should be made by government to upgrade the
nation’s refineries.

He disclosed
that as President of the International Trade Union Confederation (ITUC), he
recently led organised labour across the world to a meeting with the IMF and
the World Bank and told them point blank that their one stop recommendation on
subsidy removal and other sundry policy recommendation to the third world are
not working and will not work.

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