The Nigeria Labour Congress (NLC) has taken a stand against the proposed petrol price increase by the Federal Government.
The GMD, Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, earlier in the week said that petrol could cost as much as N340 from February 2022, and the Government has proposed to pay N5000 each to “poor Nigerians” to curb the effect of the price increase.
The NNPC GMD also stated that the price increase would be based on the Federal Government plan to remove subsidies on Premium Motor Spirit (PMS).
Speaking to the pressmen, NLC President Ayuba Wabba has said the proposed move by the Government is “Comical”.
In the statement he titled ‘Nigerian workers refused to take the bait’, Wabba stated that the total amount of the proposed palliative was far more than the money government claimed to spend on fuel subsidy.
He added that the great optimism of the NNPC Group Managing Director was instituted on the claims that the removal of subsidy on fuel is now backed by an act of parliament that was recently signed into law.
Wabba noted that the disclosure by Malam Kyari as per the world bank and the international monetary fund urged the Federal Government to stop fuel subsidies.
He stated that the “NLC wishes to maintain its rejection of deregulation based on an import-driven model.”
He then persuaded the Government that the move does not benefit Nigerian consumers as they will have to pay high prices for refined petroleum products continually.
He stated that this plan would be compounded by the devaluation of the Naira in the parallel market, and any plan to compare the price of petrol in Nigeria to other countries would be like comparing “Apples to Mangoes”.
He said the planned Government to increase fuel prices by more than 200% would cause hyperinflation and lead to an astronomical increase in the price of goods. It will also open doors of insecurity by increasing the crime rate.