Fuel Subsidy Removal Worsened Nigeria’s Problems – NLC Tackles Tinubu

The Nigeria Labour Congress (NLC) has criticized President Bola Tinubu’s justification for removing the fuel subsidy, stating that the move has worsened the country’s economic challenges.

This was in response to Tinubu’s remarks during a media chat on Monday, where he defended the subsidy removal as a necessary step to prevent national financial collapse.

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EKO HOT BLOG reports that Tinubu had argued that the subsidy was draining Nigeria’s future resources, stating, “We are spending our future… deceiving ourselves.”

However, NLC spokesperson Benson Upah countered these claims in an interview with Punch, asserting that the removal had created more problems than it solved.

Amid this, the NLC commended the Dangote Refinery for lowering fuel prices, describing it as a much-needed relief for Nigerians grappling with high living costs.

Funmi Sessi, NLC Lagos Council Chairman, noted that the refinery’s operations have introduced competition, reduced transportation expenses, and alleviated the burden of high fuel prices.

Sessi highlighted that Dangote Refinery produces 650,000 barrels daily, a stark contrast to the combined 210,000 barrels from Nigeria’s state refineries.

She added that Dangote’s efforts have also bolstered Nigeria’s currency by reducing import reliance and exporting fuel to neighboring countries.

The NLC urged the government to encourage similar private-sector investments to promote healthy competition and stabilize the economy.

Sessi also expressed optimism about the proposed 2025 budget, emphasizing its potential to improve security, food production, and overall economic stability if implemented effectively.

The NLC further urged the government to ensure domestic utilization of the naira and foster an enabling environment for private sector contributions to mitigate the impact of economic hardships on Nigerians.

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