Abuja, Nigeria – December 15, 2023 – The Resource Centre for Human Rights & Civic Education (CHRICED) has vehemently condemned the World Bank’s recent recommendation to increase the price of Premium Motor Spirit (PMS) to N750 per liter, calling it an “imperialist policy” designed to destabilize Nigeria.
In a statement issued today, CHRICED expressed deep concern and questioned the motives behind the World Bank’s proposal. They accused the Nigerian government of using the Bank’s advice as justification for another planned hike in PMS prices.
“The World Bank appears to have found a lackey in the Nigerian government,” the statement read. “Instead of offering solutions that would put the economy on a sound footing, they are giving the government the green light to further drain the economic lifeblood of millions of Nigerians.”
CHRICED specifically criticized the Bank’s Lead Economist for Nigeria, Alex Sienaert, who stated that the current PMS price doesn’t reflect its true cost. They questioned the Bank’s priorities, wondering why they weren’t urging Nigeria to revamp its local refining capacity instead of pushing for higher prices.
“Any patriotic Nigerian would have expected the World Bank to focus on helping Nigeria become self-sufficient in fuel production,” the statement continued. “Instead, they seem comfortable with the current model that drains scarce foreign exchange on importing PMS.”
Furthermore, CHRICED highlighted the lack of fulfillment of promises made by the government following previous PMS price hikes. They accused the government of mismanaging the savings from subsidy removal and failing to alleviate the suffering of the people.
“Nigerians have not experienced any of the supposed benefits promised by the government,” the statement said. “An impartial observer would expect the World Bank to assess the impact of previous hikes before recommending another.”
CHRICED also expressed concern about the World Bank’s seemingly callous disregard for the plight of Nigerians living in extreme poverty, as evidenced by their own statistics. They warned that the proposed price hike would only worsen the economic misery of the people and could lead to chaos.
“This proposal is an instigation towards chaos,” the statement warned. “Nigerians don’t need this kind of imperialist admonition. We need our international partners to support us in pressuring the government to be accountable and efficient with public resources.”
The statement concluded with CHRICED urging the government to cut down on the cost of governance and prioritize the welfare of the people. They also called on international partners to hold the government accountable and not enable them to “further squeeze and suffocate the people economically.”