The Labour Party’s leadership has responded to President Bola Tinubu’s decision to remove fuel subsidies, cautioning the public to prepare for additional unexpected and unpleasant developments.
LP’s Acting National Publicity Secretary, Obiora Ifoh, issued a warning in a statement titled ‘Removal of Fuel Subsidy, First of Many Shocking Policies to be Expected’ on Tuesday evening in Abuja.
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In a statement made on Monday in Abuja, Tinubu confirmed that his administration will discontinue the payment of subsidies on petroleum products.
According to his statement, the high opportunity cost incurred by the Federal Government to fund subsidies is no longer justifiable, and therefore, it is no longer feasible to continue with the subsidies.
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Fuel subsidy removal
The government has removed the fuel subsidy. The 16th President of Nigeria, Tinubu, expressed his excitement during his inaugural speech at Eagle Square in Abuja following his swearing-in ceremony.
Ifoh has criticised the president’s action, stating that it was a unilateral decision made without consulting with organised labour and other relevant stakeholders.
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The party has expressed regret over the adverse impact that the removal of petroleum subsidies is having on Nigerians, which may lead to increased hardship for them in the near future.
According to the LP image maker, a significant number of petroleum marketers have commenced the sale of gasoline at exorbitant prices, reaching as high as N750 in certain states. This has resulted in numerous motorists expressing their dissatisfaction as queues have resurfaced at filling stations.
In a recent statement, the Labour Party expressed concern over the sudden increase in petrol prices in Nigeria. The party has highlighted that less than 24 hours after President Bola Ahmed Tinubu assumed office, citizens were faced with the harsh reality of petrol prices skyrocketing to N600 per litre, with black market prices reaching as high as N750 per litre. The new administration’s announcement of the immediate removal of subsidies on gasoline has caused a stir.
Nigerians are once again experiencing long queues at filling stations, reminiscent of the previous administration. Many are now forced to keep vigil in order to obtain just a few litres of gasoline. In response to recent developments, commercial transporters have raised their trip fares nationwide, as anticipated. Product hawkers have regained their dominance in the market.
The current situation bears a striking resemblance to the tales of a particular Pharaoh who, upon ascending to the throne, authorised his taskmasters to triple the daily workload of the Jewish people based on mere speculation. The announcement of his emergence as the new sheriff in town was quite a spectacle. President Tinubu’s initial executive decree has been perceived as a measure that could potentially cause hardship for the Nigerian populace.
According to Ifoh, the Labour Party had put forth a proposal to terminate the subsidy regime during the previous election campaign. However, he clarified that the party had stipulated that such a move would only be made if appropriate policies and palliative measures were implemented.
He stated that the removal of subsidies, a sensitive decision, should have been implemented gradually and after thorough consultation with stakeholders. He emphasised the need to consider the input of various parties, as several refineries would require recalibration to achieve optimal functionality.
The sudden removal of subsidies by presidential decree, which occurred yesterday, has left the Nigerian populace in a state of shock and surprise. Nigerians are being advised to prepare themselves for further unexpected developments in the coming days.
Labour has strongly criticised President Tinubu for his unilateral decision to remove the petroleum subsidy without consulting with stakeholders, particularly the labour unions. This move has resulted in increased hardship for Nigerians.
The Labour Party has expressed concern over the closure of petrol stations and depots by operators, citing the negative impact on the public. Critics have contended that the execution of the policy lacked clarification. The government is being urged to promptly reassess its policy and devise a more feasible strategy for eliminating the subsidy without endangering the nation’s stability.
In a statement, he urged various unions, social activists, and Nigerians to remain vigilant and prevent any attempts to derail democracy, regardless of the means or guise.
Update on fuel prices in Nigeria
Fuel in Nigeria now sells for between $500 and $750.
