In response to the recent hike in fuel prices, the Organised Private Sector (OPS) has called on the Federal Government to swiftly implement immediate and short-term measures to alleviate the burden on Nigerians, in view of the sharp increase in transportation and other costs.
The Nigerian National Petroleum Company Limited (NNPCL) had recently approved an upward revision in the pump price of premium motor spirit across the country, effective from May 31.
The development comes days after the Bola Tinubu government’s declaration that it will put an end to the fuel subsidy regime. Admitting that the increase was quite high and came as a rude shock to the citizens, the OPS noted that these are some of the inevitable costs of reforms.
The Director, of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said the reforms are needed to prevent the collapse of the economy, adding that things have to get worse before they can get better. “Apparently things have to get worse before they get better. It would be painful initially, but it would progressively get better. As the supply-side response improves, the prices will moderate.
Electricity Workers Back Planned Labour Strike
Meanwhile, the National Union of Electricity Employees (NUEE) has directed its members to withdraw their services nationwide over the sudden removal of fuel subsidies by the Nigerian government.
The NUEE in a notice signed by its acting general secretary, Dominic Igwebike, urged its members to comply with the directive and stop work from the early hours of Wednesday.
President Bola Tinubu, in his inaugural address, declared that there would no longer be a petroleum subsidy regime as it was not sustainable. Following the announcement, the NNPCL on Wednesday directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.
In its reaction Friday, the Nigeria Labour Congress (NLC) announced it would embark on a nationwide protest next Wednesday if the Nigerian National Petroleum Company Limited (NNPCL) refuses to reverse the new price regime in the oil sector. The Nigerian Union of Journalists also threatened to join the strike action on Wednesday.
