NLC asks FG to reject IMF’s advice on fuel subsidy

The IMF had earlier advised the Federal Government on subsidy, saying its removal would boost revenue and improve government’s spending to build more hospitals, roads, schools, and support education and health for the people.

However, the NLC boss, Ayuba Wabba has reportedly said such advice is synonymous with a hike in fuel price, saying it would lead to more hardship for Nigerians.

The NLC president reacted to the IMF advice while speaking during the inauguration of the local organising committee for the 6th African meeting of solidarity with Cuba in Abuja.

According to Punch, Wabba alleged that whenever the IMF spoke on Nigeria economy, its target was to devalue the Naira, increase fuel price and make Nigeria adopt free trade policy that would affect local production negatively.

He reportedly went on to describe subsidy as the payment for the inefficiency of the nation in the oil industry. He added that getting the four refineries in Nigeria working would solve the problem.

The labour leader also called for the upgrading of the refineries to serve local demand, Punch reports.

Wabba maintained that if managed properly, the four refineries could serve the West African market and bring more income for Nigeria.

Faulting the policy in the oil sector, Wabba questioned the rationale behind Nigeria’s sale of crude oil on the international market and still to the same market to pay a high price to import fuel products instead of refining locally.