The Nigeria Labour Congress (NLC) has reacted to President Bola Tinubu’s announcement that fuel subsidies will be eliminated by June 2023.
In his inaugural address at Eagles Square in Abuja, Tinubu reportedly stated that his administration would stop providing subsidies for petroleum items.
The President claimed that it was no longer justifiable to continue considering the significant opportunity cost the Federal Government was incurring to support subsidy.
Tinubu Ends Fuel Subsidy, Vows To Review Multiple Taxation
According to Tinubu, the subsidy is abolished because it was not included in the budget as of June 2023.
The NLC President, Joe Ajaero, told Vanguard that President Tinubu’s comment regarding the elimination of fuel subsidies was poorly thought out.
Ajaero stated that the removal is going to draw the nation’s economy backward by over 50 percent within the next 48 hours.
He said “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.”
The withdrawal of fuel subsidies was announced by President Tinubu on Monday, but it was rejected by the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Peter Obi, The Labour Party Has Never Opposed The Elimination Of Subsidies
In a statement on Monday, IPMAN’s National Public Relations Officer, Chinedu Ukadike, stated that the organization does not currently support the elimination of fuel subsidies.
He argued that before making a choice that will fuel soaring inflation and worsen the plight of the populace, the refineries in the nation should be fixed.
The management of the gasoline subsidy regime should be discussed by the new government with marketers and other interested parties, according to Ukadike.
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