The Nigeria Labour Congress-NLC and the Trade Union Congress-TUC have protested over the 500billion naira palliative proposed by President Bola Tinubu, stating that it is grossly inadequate to assuage the hardships confronting workers sequel to the fuel subsidy removal.
NLC are demanding a 300 per cent salary increase to enable workers to cope with the challenges imposed by the deteriorating economic situation that came with the removal of the controversial fuel subsidy.
The President wrote to the House of Representatives seeking approval for 500billion naira to cushion the effects of petrol subsidy removal. Tinubu’s request was contained in a letter sent to the National Assembly and read during plenary by the Speaker of the House of Representatives, Tajudeen Abbas.
Recall that, the President had announced the petrol subsidy removal during his inaugural address on May 29, 2023, in response to claims that the subsidy regime favored the rich more than the average Nigerians, among other reasons. In his letter, the President proposed an amendment to the 2022 Supplementary Appropriation Act.
NLC noted that the amount contained in the President’s letter, would not be enough to cater for 125 million Nigerians who are believed to be living in poverty. The National Treasurer of the NLC, Hakeem Ambali, who spoke in an interview in Abuja, questioned the extent to which the palliative would cover.
Speaking on ways by which the President can mitigate the effect of subsidy removal, the NLC official asked for Minimum wage review of 300 per cent to all workers; granting licences to individuals for modular refineries to refine petrol locally and granting economic stimulus loan to Small and midsize enterprises -SMEs at 15 per cent rate.