NLC Reacts To Tinubu’s Subsidy Removal Announcement

The Nigeria Labour Congress (NLC) has reacted to the annoucement by President Bola Tinubu to remove fuel subsidy by June 2023.

Naija News reported that Tinubu, during his inaugural speech at the Eagles Square in Abuja, declared that his administration would not continue to pay subsidy on petroleum products.

The President said given the high opportunity cost the Federal Government was suffering to fund subsidy, it was no longer justifiable to continue.

Tinubu asserted that since there was no provision for subsidy in the budget from June 2023, it stands removed.

In a chat with Vanguard, the President of NLC, Joe Ajaero said the comment by President Tinubu on fuel subsidy removal is not well 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.”

‘We Are Not In Support’ – IPMAN Rejects Tinubu’s Fuel Subsidy Removal Plan

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected the announcement on Monday by President Tinubu on fuel subsidy removal.

on Monday, IPMAN National Public Relations Officer, Chinedu Ukadike said the association is not in support of the removal of fuel subsidy at this time.

He said the refineries in the country should be fixed before taking such a decision that will cause galloping inflation and inflict more hardship on the masses.

According to Ukadike, the new government should sit and discuss with marketers and other stakeholders how to manage the fuel subsidy regime.