Connect with us

News

NLC Reacts To Proposed fuel Subsidy Removal

Published

on

images 2021 11 26T172515.160
Advertisement
The Nigeria Labour Congress (NLC) has rejected the proposed removal of subsidy on Petroleum Motor Spirit (PMS) by the Federal Government.

Ayuba Wabba, president of the NLC, who made this known in a statement on Wednesday, also rejected the proposed N5,000 for 40 million poor Nigerians when the subsidy is removed.

The statement reads: “The response of the Nigeria Labour Congress is that what we are hearing is the conversation of the Federal government with neo-liberal international monetary institutions.”

“The conversation between the government and the people of Nigeria, especially workers under the auspices of the trade union movement on the matter of fuel subsidy, was adjourned sine die so many months ago.”

Also Read: Subsidy Removal: No Provision for N5000 Transport Grant in 2022 Budget – Senate

Advertisement

“Given the nationwide panic that has trailed the disclosure of the monologue within the corridors of government and foreign interests, the Nigeria Labour Congress wishes to posit that it continues to maintain its rejection of deregulation based on import driven model.

“It is difficult to convince Nigerian workers why our dear country is the only country among the OPEC member countries that cannot produce its own refined petroleum products and thus adopts the neo-liberal import production model of refined petroleum products.

“We wish to reiterate our persuasion that the only benefit of deregulation based on the import-driven model is that Nigerian consumers will infinitely continue to pay high prices for refined petroleum products.

“This situation will definitely be compounded by the astronomical devaluation of the naira, which currently goes for N560 to 1US$ in the parallel market.”

Advertisement

Wadda added: “The contemplation by the government to increase the price of petrol by more than 200 percent is a perfect recipe for an aggravated pile of hyper-inflation and astronomical increase in the price of goods and services,” 

“This will open a wide door to unintended social consequences such as degeneration of the current insecurity crises and possibly citizens’ revolt. This is not an outcome that any sane Nigeria wishes for.

Advertisement

“The argument that the complete surrender of the price of petrol to market forces would normalise the curve of demand and supply as is being wrongly attributed to the current market realities with cooking gas, diesel, and kerosene is very obtuse.

Also Read: Nigeria Losing N250bn Monthly To Fuel Subsidy; Zainab Ahmed

Advertisement

“The truth is that these commodities which Nigeria can easily produce have been priced out of the reach of most Nigerian families with the majority of our people resorting to tree felling and charcoal for their energy needs.

“Finally, we wish to warn that the bait by the government to pay 40 million Nigerians N5000 as a palliative to cushion the effect of the astronomical increase in the price of petrol is comical, to say the least.

“The total amount involved in this queer initiative is far more than the money government claims to spend currently on fuel subsidy.

“Apart from our concerns on the transparency of the disbursement given previous experiences with such schemes, we are wondering if the government is not trying to rob Nigerians to pay Nigerians? Why pay me N5000 and then subject me to perpetual suffering?”

Advertisement

“Clearly, government thoughts on the so-called removal of fuel subsidy is cloudy and appears to be a ‘penny wise-pound foolish’ gamble,”

“It is clear that the palliative offered by the government will not cure cancer that will befall the mass of our people who suffer the double jeopardy of hype-inflation while their salaries remain fixed.”

Get latest news updates on Twitter and Telegram

wp 16383651986032737371026664246180

Advertisement
Advertisement
Advertisement
Advertisement
DON'T MISS OUT!

SIGN UP FOR Daily report Nigeria NEWSLETTERS

Invalid email address
Click to comment

Leave a Reply