Declaration by new President, Bola Ahmed Tinubu, that the oil subsidy regime has been done away with, has excited reactions from the Nigeria Labour Congress and its Trade Union Congress counterpart.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall, instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” Tinubu had said in his inaugural speech on Monday.
The removal is not sitting well with NLC and TUC as per Punchng citing the duo’s leaders, Joe Ajaero and Timmy Etim respectively.
“The comment on fuel subsidy removal is not well thought out, coming as an inaugural speech. It is going to draw the economy of the country backward by over 50 percent within the next 48 hours. Nigerians will speak in one accord at the appropriate moment,” Ajaero told the publication.
In similar vein, Etim, TUC’s Vice President, reportedly remarked, “The president must meet with the organized labour before such pronouncement can be made. You cannot just make such announcements and then the media will amplify it thereby causing trouble. It is just a mere word of mouth pronouncement. Such pronouncement will lead to increase in panic buying and then you’ll start seeing fuel stations sell at high prices. The president needs to meet the organised labour first. He should not disappoint the people who brought him into power by causing hardship.”
