By Onyebuchi Ezigbo in Abuja
The Nigeria Labour Congress (NLC) has cautioned the Federal Government not to heed the advice of the International Monetary Fund to remove subsidy on petroleum products.
The labour movement said that removal of fuel subsidy will result in astronomical increase in fuel price as well as cost of other goods and services.
The President of NLC, Ayuba Wabba, who spoke during the inauguration of the local organising committee for 6th African meeting of solidarity with Cuba in Abuja, advised the federal government to do something urgently to revamp the local refineries which are currently comatose due to what he called a high level conspiracy.
He said that among the agenda normally set for any president that emerges in the country by IMF were devaluation of currency, removal of subsidy and opening of the country’s borders to free trade.
While noting that fuel subsidy, in the understanding of the NLC, is nothing but funding inefficiency in the downstream sector, Wabba said the solution to the problem of subsidy in the petroleum industry was local refining of products which will drive down cost and end the corruption associated with the present subsidy regime.
More details later ….