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Fuel Prices

Nigeria: National Strike Underway; President Tinubu Meets With Labor

Nigeria’s President Bola Tinubu met union leaders on the first day of a nationwide strike called by unions to protest against a fuel subsidy removal that has led to higher pump price of petrol, the head of the main labour federation has said. Since being sworn into office on May 29, President Tinubu has embarked on a series of economic reforms, scrapping the popular but expensive subsidy, which cost $10bn last year, and relaxing the foreign exchange regime. While the reforms have been welcomed by investors, unions say they have led to soaring costs at a time when Nigerians are already grappling with the highest inflation in nearly two decades.

Nigeria Labour Congress Issues Ultimatum Over Fuel Subsidy Repeal

Nigeria - Last week, in his inauguration speech, the new Nigerian President Bola Tinubu announced that the widely-supported fuel subsidy would be removed. The Nigeria Labour Congress responded immediately, writing:  We at the Nigeria Labour Congress (NLC) are outraged by the pronouncement of President Bola Tinubu removing the “fuel subsidy’ without due consultations with critical stake holders or without putting in place palliative measures to cushion the harsh effects of the ‘subsidy removal’. The President's announcement sparked a rush on fuel purchases resulting in long lines at fuel stations. Al Jazeera reports that the removal of the subsidy will double or triple the price of gasoline in the nation where 133 million people live in poverty.

Nigeria Labour Congress ‘Outraged’ That New President Ends Fuel Subsidies

We at the Nigeria Labour Congress (NLC) are outraged by the pronouncement of President Bola Tinubu removing the "fuel subsidy' without due consultations with critical stake holders or without putting in place palliative measures to cushion the harsh effects of the ‘subsidy removal’. Within hours of his pronouncement, the nation went into a tailspin due to a combination of service shut downs and product price hike, in some places representing over 300 per cent price adjustment. By his insensitive decision, President Tinubu on his inauguration day brought tears and sorrow to millions of Nigerians instead of hope. He equally devalued the quality of their lives by over 300 per cent and counting.
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