NLC: Fuel Subsidy Withdrawal will worsen Insecurity- Dailytrust

The Nigeria Labour Congress (NLC) yesterday condemned the call by the International Monetary Fund for Nigeria to totally withdraw oil subsidies.

Deputy President of the NLC and Chairman of its Economic Commission Comrade Kiri Mohammed, in a press statement in Abuja said any petroleum price increase will be resisted by Nigerians.

“Government must be careful not to compound the crises of insecurity, unemployment and poverty which today confront the nation. For the avoidance of doubt, the Nigeria Labour Congress remains committed to resisting any price hike in the name of subsidy removal.”

Senior Resident Country Representative of the International Monetary Fund (IMF), last week advised the government to withdraw the subsidy on petroleum products, saying that “elimination of subsidy would help fiscal adjustment, mobilise non oil revenues, strengthen oil price rule and oil saving mechanism”.

But the NLC said the pressure by the IMF on Nigeria to withdraw subsidies on petroleum products was rather unfortunate.

“For an organization whose history is replete with policies which have only served to pauperise the citizens of nations implementing such policies, one would expect that its officials would be more circumspect in continuing to ram down the throat of these nations the same destabilizing policies.


By Francis Okeke, May 13, 2013