TOP STORIES:Federal Govt To Meet With NLC Today Over Fuel Subsidy Removal.Adunni Adetola
Federal Government representatives are expected to meet with the leadership of the Nigeria Labour Congress (NLC) today by 2pm over the planned removal of fuel subsidy.
“Government seems to have shown interest in discussion. As at last night, they reached out and we have fixed 2pm today (Wednesday) to commence discussion,” NLC National President, Joe Ajaero, said on Channels Television’s Sunrise Daily programme on Wednesday.
“There, all other issues will discussed because you can’t just say there no subsidy and then you are not producing and leave us to the vagaries of the market, to people who want to sell the product they bought for N10 for N100 to maximise profit. If there is no more garri, we must find out what to eat.”
He said the position of Labour has been clear that even if President Bola Tinubu has a good intention, alternatives must be provided. He said the President should have asked questions and find out the implications of fuel subsidy removal on Nigerians on the streets.
The NLC boss listed the alternatives to include the repair of the nation’s four refineries, provision of transportation of alternatives for the Nigerian workers, amongst others.
“The pronouncement by Mr President is as good as law and if in the process we make a law that is not practicable, the same people that made the law can look at it,” Ajaero said while calling for a review of the President’s pronouncement.
“Does it bring pleasure to us to say subsidy is gone and people start suffering? Is it not part of leadership for us to look at how the suffering of the people can be reduced?” he asked.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the deregulation of the oil sector and subsidy removal is the only way to make Nigeria great.
“Removing subsidy is the only answer to make Nigeria great,” IPMAN National Public Relations Officer, Yakubu Suleiman said on Channels Television’s Sunrise Daily programme on Wednesday.
On Monday during his inaugural speech at the Eagle Square in Abuja, Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu said, noting that his government would instead channel funds into infrastructure and other areas to strengthen the economy.
The Nigerian National Petroleum Company Limited (NNPCL) has since backed Tinubu on the removal of fuel subsidy.
However, the Trade Union Congress of Nigeria (TUC) said the President cannot unilaterally take a decision on subsidy removal, saying that there was a reason the immediate past administration of Muhammadu Buhari pushed the “sensitive issue” to the new government.
Fuel queues have since resurfaced across the country since the presidential pronouncement as Nigerians forage for the premium product which is now sold from N300/litre and above.
NNPC Increases Petrol Price.
Nigeria has finally removed subsidy on premium motor spirit (PMS) popularly known as Petrol as the Nigeria National Petroleum Company (NNPC) Limited Wednesday morning officially changed its pump price to N537 per litre in Abuja.
LEADERSHIP checks also showed a similar trend in Lagos State where NNPCL now retails fuel at N488 per litre at its station on
Old Ota Road, Abule-Egba, Lagos while the NNPC Mega Station, Lagos Bus Stop, at Port Harcourt on Wednesday sells for N511 per litre.
In Plateau State, the Pump price is now #537/ litre at NNPC stations.
This change by the national oil company is providing clarity around prices after the removal of the controversial fuel subsidy which cost almost $10 billion annually.
NNPC is the sole supplier of petrol in Nigeria today and it is now expected that other marketers will take a queue from the NNPC prices and adjust their own pump price this morning.
Analysts say since NNPC has affected different pump prices for different cities, this may mean that not only has subsidy gone but also that the wasteful price equalization mechanism which ensured petrol had the same official price all over Nigeria was also gone.
It is unclear what FX exchange rate NNPC has used to arrive at its pump price but it could be around N600/$. Leadership Newspaper.