TUC Rejects Rise In Oil Subsidy Quantum

The Rivers State chapter of the Trade Union Congress of Nigeria (TUC), has expressed worry over the unprecedented rise in he quantum of subsidy in the later part of this year than the country had in the beginning.

In a statement in Port Harcourt, yesterday, the Rivers TUC Chairman, Comrade Chika Onuegbu said the unprecedented quantum rise in the oil subsidy in the later part of 2011 was a dangerous development especially now that the international oil subsidy price has been on the downward trend since May 2011.

Given the favourable oil market index, he said Nigerians would expect a corresponding fall in the amount of subsidy but regretted that the reverse was the case in the country.

Comrade Onuegbu noted that Rivers TUC was unequivocal in its insistence that oil subsidy should  not go, but that “what is required is the removal of corruption and inefficiency in the  subsidy and downstream sector management”.

He argued that virtually all countries of the world operate one form of subsidy or the other for the citizens, and wondered why Nigeria’s case would be different.

The Rivers TUC boss, however, lauded Senator Magnus Abe-led Senate Joint Committee on Oil Subsidy for inviting key government officials to explain the origin, history, nature of oil subsidy in Nigeria especially against the backdrop of the unprecedented rise in the quantum of subsidy in the later part of this year than the earlier part.