The NLC said the recent recommendation by the global lender was unwarranted, adding that it encourages the government to abandon its commitment to the people and embrace policies that only serve the interests of foreign entities.

In a statement yesterday, the NLC President, Joe Ajaero, said the advice was laden with mischief and intended to destabilise not only the nation’s economy but also Nigeria’s long term development plans.

Ajaero alleged that the advice further demonstrates to ‘doubting Thomases’ that the Bretton Wood institutions that are the arrowheads of the neoliberal school were not pro-poor but steeped in predatory policies that beggar the poor so that the rich would become richer.

The NLC chief alleged that it was truly a shame that the World Bank had shown itself to be an enemy of the Nigerian nation, alleging that its continued grandstanding and generation of anti-poor policies and programmes have destabilised many countries of the South, especially nations within the sub-Saharan region.

He alleged that the difficulties and suffering created by the last hike in the price of Premium Motor Spirit (PMS), which was a product of the advice of the World Bank and its sister institution, the International Monetary Fund (IMF), were still ravaging the nation, destroying in its wake the country’s industrial base and domestic manufacturing capacity, which favours Western metropoles.

The NLC reminded the government that Nigeria should not allow foreign entities like the World Bank and the IMF to dictate economic policies that are detrimental to the welfare of its citizens.

He said the nation’s leaders needed to look inwards, tapping into the vast resources and human potential within the nation to address challenges and formulate policies that genuinely uplift the standard of living for all Nigerians.

The statement added: “We urge the Federal Government to distance itself from such prescription as it is ill-motivated advice that will further devastate our nation and increase the suffering and angst in the nation. The World Bank should allow Nigeria to govern itself and stop its meddlesomeness in our internal affairs which we consider very rude and insensitive. The World Bank is truly part of the problem of Nigeria.

“The NLC stands firm in its conviction that foreign interventions, particularly those dictated by the World Bank and IMF, have a history of exacerbating economic disparities in third-world countries. We assert that it is not only impractical but truly immoral for the World Bank to persistently advocate for policies that endanger the lives and livelihoods of citizens, imperiling our nation.

“It is crucial for the Nigerian government to prioritise the welfare of its people over external pressures. We call on the government to resist the temptation to implement policies that cater to the interests of international bodies, even at the expense of the well-being of its citizens.

“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 fit solution for all their ailments.

“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 U.S. where the law is enforced is N1.5 million. If you advocate for international prices, then it becomes commonsensical that you must advocate for international wages. Our local reality is that we cannot think of increasing the pump price of PMS any further as it is a product whose price is pivotal in determining the price of other items in the country. We cannot toy with a prescription that is akin to a suicide pill. We urge the Federal Government not to be tempted in any way to swallow that pill. It will wreck the nation further!

“The World Bank continues to be against the coming back on stream of our domestic refineries as its prescription is based on its imaginary import template instead of advising the government to ensure that the domestic refineries come back on stream. We advise the World Bank that if it loves Nigeria too much, it should support the government in ensuring that the refineries in Nigeria come back on stream instead of its continued advice for continuous importation of petroleum products.”