Subsidy removal: Tinubu’s claim of saving N1trn false – NLC
The Nigeria Labour Congress (NLC) has responded to President Bola Tinubu’s statement that the removal of fuel subsidy has saved N1 trillion.
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Contrary to the President’s claim, NLC President, Comrade Joe Ajaero, asserted that the committee set up to negotiate with the unions revealed that not a single kobo had been saved since the subsidy was removed.
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The ongoing nationwide protest organized by labor groups highlights the discontent over the subsidy removal and its effects on the lives of Nigerians.
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In a nationwide broadcast, President Tinubu had announced the removal of fuel subsidy, resulting in a price increase of petrol from N195 to N540 per litre.
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Subsequently, the price was further increased to N617 per litre. This hike in petrol prices has triggered a chain reaction, leading to an increase in the prices of goods, particularly affecting foodstuff and transportation.
The removal of fuel subsidy has brought significant hardships to Nigerians, as they struggle to cope with the soaring costs of essential commodities and transportation.
The promised relief by the Tinubu administration has yet to materialize, leaving citizens to bear the brunt of the policy change.
Amidst growing concerns and criticism, President Tinubu has sought patience from Nigerians and assured them that a framework for palliatives to alleviate the effects of fuel subsidy removal is being developed.
However, he emphasized the importance of avoiding misuse of cash transfers and reiterated that the country is undergoing a rebirth, benefitting the majority at the expense of a few smugglers.
In a bid to address the hardships faced by Nigerians, Tinubu requested the House of Representatives to amend the 2023 supplementary appropriation act to allocate N500 billion for palliatives. The parliament approved this request, setting the stage for the provision of relief measures in the future.
The conflicting statements regarding the amount saved since the subsidy removal have raised concerns about transparency and accountability.
The NLC’s assertion that no savings have been realized challenges the credibility of the government’s claim and calls for a thorough investigation into the matter.
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