The lead economist for the World Bank in Nigeria, Alex Sienaert, has stated that the current petrol price of N650 per litre should be around N750 per litre instead. He made this known at the Abuja presentation of the Nigeria Development Update, December 2023 edition.
“We think the price of petrol should be around N750 per litre, more than the N650 per litre currently paid by Nigerians,” he said.
Meanwhile, the Resource Centre for Human Rights and Civic Education (CHRICED) condemned the statement in a press release issued recently and said it was an imperialist plot to destabilise Nigeria.
According to CHRICED, this is an attempt by the World Bank and the Nigerian government to justify another price hike that will exacerbate the nation’s already severe financial difficulties.
“It appears that the Nigerian government may have found a lackey in the World Bank and is using their advice as a means to justify yet another planned increase in the price of petrol,” CHRICED’s Executive Director, Comrade Ibrahim M. Zikirullahi, said in response to the World Bank’s statement.
Zikirullahi asserted that adopting this prediction would worsen the situation for millions of Nigerians, as the people were already suffering from the callous policies of the Bola Tinubu administration. “For us at CHRICED, this is yet another instance of one of the Bretton Woods institutions offering advice that would advance its imperialist economic agenda,” he stated.
Furthermore, he said that the World Bank’s suggestion befuddled him because the bank’s statistics revealed that the government’s harsh and repressive policies have thrown millions of Nigerians into abject poverty. He claimed that the World Bank was tacitly encouraging a hike in petrol prices, which would exacerbate Nigeria’s economic woes.
“This idea, regardless of its rationale or justification, would only aggravate Nigerians’ economic misery and is therefore distressing, vexatious, and an instigation towards chaos if embraced by the Tinubu government,” he reiterated.