NLC Warns FG Over New Fuel Price Hike, Demands Immediate Reversal
By Wisdom Tide
October 9, 2024
The Nigeria Labour Congress (NLC) has issued a stern warning to the Federal Government, condemning the recent fuel price increase by the Nigerian National Petroleum Company Limited (NNPCL). The NLC characterized the hike as a betrayal of the Nigerian people and called for an urgent reversal of the decision.
NNPCL's Price Hike Sparks Public Outcry
POLITICS NIGERIA reports that the NNPCL raised the retail price of petrol from N897 to N1,030 per litre, a move that has sparked widespread public outcry. In response, the NLC, led by President Joe Ajaero, expressed strong disapproval, criticizing the government’s approach to the situation.
Ajaero argued that the responsibility for setting fuel prices should not rest with a private entity like NNPCL, accusing the company of monopolistic practices. "It appears this administration is only known for increasing fuel prices without considering the economic hardship faced by Nigerians," Ajaero stated.
Call for Comprehensive Economic Blueprint
The NLC further challenged the government to move beyond reactionary policies and provide a comprehensive economic blueprint that fosters inclusive growth and sustainable development. Ajaero emphasized that the government's reliance on sudden policy shifts, such as the fuel price hike, has far-reaching negative consequences for the economy.
"The latest increase in fuel prices will only deepen poverty, reduce production capacities, and lead to significant job losses," Ajaero warned. He urged the government to focus on long-term economic planning rather than short-term, ad hoc measures.
Full Statement from NLC President
In a strongly worded statement, Ajaero criticized the government’s repeated fuel price increases, stressing that such actions lack adequate consideration of the Nigerian populace’s financial capacity and well-being.
"We are dismayed by the latest increase in the pump price of petrol. It seems the only consistent action this government takes is to raise prices, without addressing the fundamental economic challenges Nigerians face. Even by the logic of market forces, it is unacceptable for a private company like NNPCL to dictate prices and operate as a monopoly," Ajaero stated.
He further challenged the government to present a well-thought-out plan for economic recovery and national development, as opposed to relying on what he called "spasmodic, palliative policies." Ajaero underscored the need for policies that promote real growth and address the root causes of poverty.
Impact of Fuel Price Hike on Nigerians
The NLC emphasized the detrimental effects of the latest price increase on Nigerian households and businesses. Ajaero pointed out that many Nigerians were just beginning to adjust to the previous price hikes, and this new increase would throw them back into financial uncertainty. The fuel price hike, he noted, would escalate living costs, further erode purchasing power, and exacerbate unemployment.
"It is clear that this new wave of price increases will worsen the already dire economic situation. We are calling on the government to reverse the hike immediately, as previous increases have only made Nigerians poorer," Ajaero stressed.
NLC's Demand for Reversal
The NLC has called on the government to immediately reverse the fuel price increase, insisting that the administration’s policies have so far failed to yield positive outcomes for ordinary Nigerians.
More fundamentally, Ajaero urged the government to be transparent with the Nigerian public about its long-term economic vision. "The government must have the courage to explain to Nigerians the direction in which it is taking the country, rather than relying on reactive measures that aggravate economic hardship," he concluded.
Conclusion
The NLC’s strong stance reflects the growing frustration among Nigerians over the government’s handling of fuel prices and broader economic issues. With this latest price hike, the union warns of escalating poverty and economic distress if the government does not take immediate action to reverse the increase and adopt more sustainable economic policies
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