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Thursday, September 29, 2022

NLC opposes the planned increase in petrol price

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While condemning the anticipated hike in fuel prices, the Nigerian Labour Congress (NLC) has urged the Federal Government to examine alternatives to assist the country embrace growth and accountability.

“Nigerian workers refused to take the bait,” NLC President Comrade Ayuba Wabba said in a statement released Thursday.

NNPC’s Group Managing Director, Malam Mele Kyari, has stated that petrol might cost as much as N340 from February 2022, according to him.

As Wabba put it, the Nigerian government’s plan to give 40 million people N5,000 as a palliative for the increase in the price of petrol was “comical.”

According to him, what he referred to as the “gay initiative” cost more than the government’s current gasoline subsidies.

The NNPC GMD stated, “There would be an increase in the price of premium motor spirit, often known as petrol or fuel, as a result of the Federal Government’s plans to eliminate the subsidy on it.”

“The NNPC GMD’s grand optimism was premised on the claims that the removal of gasoline subsidies is now backed by a parliament act, probably the Petroleum Industry Act, which was recently signed into law.

It’s no surprise to Wabba that Finance Minister Mrs. Zainab Ahmed reiterated the same sentiment on Tuesday at the World Bank’s Nigeria Development Update launch (NDU).

As a transportation grant, the government wants to distribute N5000 to 40 million of the poorest Nigerians, he said, citing the minister’s announcement.

According to Wabba, the revelations by the NNPC GMD and the Minister were in agreement with the World Bank and the International Monetary Fund (IMF) positions that called for a reduction in gasoline subsidies.

According to the NLC, what we’re hearing is a discussion between the federal government and neoliberal international monetary organizations.

Fuel subsidy talks between the government and Nigerians, particularly the working class, were put on hold months ago and have yet to be resumed.”

The NLC maintains its opposition to import-driven deregulation, in light of the widespread alarm that has followed the exposure of the government-to-government monologue.

Nigerians would continue to pay high prices for refined petroleum products as a result of deregulation based on an import-driven model,” the authors write.

The Naira devaluation, which now stands at N560 to the dollar on the black market, will further exacerbate the problem, he warned.

Trying to compare the price of petrol in Nigeria to other nations would be like comparing apples and mangoes, according to the president of the NLC.

There would be hyperinflation and exorbitant price increases as a result of the government’s plan to hike the price of gasoline by more than 200 percent, according to Wabba.

A wide range of social implications, such as the degeneration of present insecurity crises could result from this, he claims. 

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