Fuel subsidy: FG and NLC meeting concludes in stalemate

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The meeting between the Federal Government and the Nigeria Labour Congress, NLC, regarding the removal of petroleum subsidies has concluded without an agreement.

Wednesday, President Bola Tinubu’s spokesman Dele Alake briefed reporters on the outcome of the federal government’s meeting with the NLC.

Alake stated that the government and the Labour union would continue their discussions at a later date.

Recall that the Nigeria National Petroleum Company Limited, NNPCL, confirmed the increase in the pump price of premium motor spirit, PMS, also known as gasoline, in its retail outlets across the country on Wednesday, stating that the price adjustments were in accordance with current realities.

Following President Bola Tinubu’s inaugural address in which he proclaimed the elimination of fuel subsidies, this event occurred.

However, the NLC rejected the new price template on the grounds that it was inadmissible and demanded its immediate withdrawal.

In the meantime, the presidential spokesman stated that the government will continue to negotiate with labor unions to reach a solution that is in the best interests of all Nigerians.

"We cannot discuss specifics at this time because negotiations are ongoing. We cannot complete everything at once. So we have now adjourned.

"We will continue discussions at a later date, very shortly. However, it is essential that discussions are ongoing. It is always preferable to continue conversing in order to reach a very amicable solution that is in the best interests of all Nigerians. “This is all we can say at this time,” Alake said.

Currently, the price adjustment is causing controversies and has prompted marketers to stockpile gasoline, resulting in long lines at gas stations.

According to reports, the price of the product at dispensing stations across the nation ranges between N500 and N750.

The majority of Nigerians are outraged by the development, with many criticizing the current government for making such a decision without first implementing measures to mitigate its effects.

Transporters have also quadrupled their fares, placing the burden on passengers.

In a matter of days, the cost of other products and services is also anticipated to spike.

Those who support the government’s policy, however, believe that subsidies have become a drain conduit over time.