The Nigeria Labour Congress (NLC), Trade Union Congress of Nigeria (TUC) and Independent Petroleum Marketers Association of Nigeria (IPMAN) have opposed the plan by President Bola Tinubu to enforce his predecessor\u2019s decision to remove fuel subsidy by June ending.
\nTinubu had earlier on Monday, while making his inaugural speech, affirmed that his administration would not continue to pay subsidy on petroleum products.
\nHe said given the high opportunity cost the Federal Government was suffering to fund subsidies, it was no longer justifiable to continue with it.
\n\u201cThe fuel subsidy is gone!\u201d Tinubu exclaimed during his inaugural address at Eagle Square, Abuja, shortly after he was sworn-in as the 16th President of Nigeria.
\nHe said, \u201cSubsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.
\n\u201cWe commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.\u201d
\nTinubu said since there was no provision for subsidy in the budget from June 2023, it stands removed.
\nOn his economic agenda for the next four years, Tinubu said his administration would target a minimum annual GDP growth of six per cent.
\n\u201cTo do this, the new government will enact budgetary and tax reforms that will boost the economy and address multiple taxation that stymies foreign direct investment.
\n\u201cOn the economy, we target a higher GDP growth and to significantly reduce unemployment. We intend to accomplish this by taking the following steps: First, budgetary reform stimulating the economy without engendering inflation will be instituted.
\n\u201cSecond, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
\n\u201cThird, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well\u201d, he said.
\nTo foreign and local investors, the President said, \u201cOur government shall review all their complaints about multiple taxation and various anti-investment inhibitions. We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.\u201d
\nHowever, NLC has expressed displeasure over the removal of the fuel subsidy without consulting relevant stakeholders and putting in place adequate measures to cushion its effect on workers.
\nNLC, in a statement by its President, Comrade Joe Ajaero, yesterday, noted with regret that a few hours after the pronouncement, some marketers shut down their filling stations while many were selling the petroleum products at high prices.
\nDescribing the government\u2019s action as insensitive, the NLC President said it has brought tears and sorrow to millions of Nigerians instead of the renewed hope the administration has promised.
\nHe also said that President Tinubu\u2019s pronouncement has devalued the quality of the lives of Nigerians by over 300 per cent and counting.
\nThe statement read in part: \u201cWe at the Nigeria Labour Congress are outraged by the pronouncement of President Bola Tinubu removing fuel subsidy without due consultations with critical stakeholders or without putting in place palliative measures to cushion the harsh effects of the subsidy removal.
\n\u201cWithin hours of his pronouncement, the nation went into a tailspin due to a combination of service shutdowns and product price hikes, in some places representing over 300 per cent price adjustment.
\n\u201cBy his insensitive decision, President Tinubu on his inauguration day brought tears and sorrow to millions of Nigerians instead of hope. He equally devalued the quality of their lives by over 300 per cent and counting.
\n\u201cIt is no heroism to commit against the people this level of cruelty at any time, let alone on an inauguration day. If he is expecting a medal for taking this decision, he would certainly be disappointed to receive curses for the people of Nigeria consider this decision not only a slight but a big betrayal.
\n\u201cOn our part, we are staunchly opposed to this decision and are demanding an immediate withdrawal of this policy.\u201d
\nNLC argued that the pronouncement has ripple effects on the economic well-being of the people
\nHe said, \u201cThe implications of this decision are grave for our security and well-being.
\n\u201cWe wonder if President Tinubu gave a thought to why his predecessors in office refused to implement this highly injurious policy decision.
\n\u201cWe also wonder if he also forgot the words he penned down on January 8, 2012, but issued on January 11, 2012\u201d.
\nNLC, therefore, advised Tinubu \u201cto respect his owe postulations and economic theories instead of daring the people. It could be a costly gamble.\u201d
\nAlso, TUC, in a statement by its President and Secretary General, Festus Osifo and Nuhu Toro, respectively, rejected the removal of fuel subsidy as announced by Tinubu.
\nIt warned that it is a joke taken too far.
\nThe body, while assessing the President\u2019s inaugural speech, said \u201cTUC is delighted by the peaceful transition from the Muhammad Buhari government to the Bola Tinubu administration and across the 28 states of the federation. We congratulate Nigerians and the new administration at all levels even as we urge all those contesting the election results across the board to keep following the rule of law as provided in the constitutional and electoral act in seeking redress.
\n\u201cWhile listening to Tinubus\u2019s Inaugural Address, we were at first encouraged by his pledge to lead as a servant of the people (and not as a ruler) and to always consult and dialogue, especially on key and knotty national issues. But we were subsequently taken aback, even horrified, when he announced the withdrawal of subsidy on petroleum products.
\n\u201cIf by this, he means increases in pump price and the exploitation of the people by unregulated and exploitative deregulated prices, then it\u2019s a joke taken too far. It is not for nothing the Buhari government pushed this to the new administration. But we expect the Tinubu government to be wise on such a sensitive issue and be more explicit in its pronouncement to avoid contradictory interpretations when comparing his written statement, what he said and the provision in the 2023 appropriation act.
\n\u201cWe dare say that this is a very delicate issue that touches on the lives, if not very survival, of particularly the working people. Hence, it ought to have been treated with utmost caution, and should have been preceded by robust dialogue and consultation with the representatives of the working people, including professionals, market people, students and the poor masses.
\n\u201cAccordingly, we hereby demand that President Tinubu should tarry awhile to give room for robust dialogue and consultation and stakeholders engagement\u201d.
\nAlso, IPMAN said it was opposed to the President\u2019s resident\u2019s subsidy removal plan.
\nIPMAN\u2019s National Public Relations Officer, Chief Ukadike Chinedu, said the new government should dialogue with marketers before taking the decision to remove subsidy.
\n\u201cWe are not in support of the removal of fuel subsidy at this time. We have said it repeatedly that our refineries should be fixed before taking such decision that will cause galloping inflation and inflict more hardship on the masses.
\n\u201cThe government of President Tinubu should not adopt what is in the transition document handed over to it by the administration of former President Muhammadu Buhari. Someone (Buhari) who for eight years did not remove subsidy is advising a new government to remove it.
\n\u201cThat is not fair and should not be adopted. Rather, the new government should sit and discuss with marketers and other stakeholders on how to manage the fuel subsidy regime. We now have the Dangote Refinery, but all our refineries are still not working, so we don\u2019t think removing subsidy is the right thing to do now,\u201d Ukadike stated.
\nHe said IPMAN was ready to work with the new government and would proffer measures to address the fuel subsidy regime, instead of effecting an outright halt in subsidy.
\nMeanwhile, barely a few hours after Tinubu\u2019s announcement on subsidy, fuel queues resurfaced in Abuja, Lagos, Port Harcourt and some other states.
\nThe announcement triggered a rush for petrol at fillings stations in Port Harcourt as they struggled to get their tanks filled, over fear that once subsidy ends, the cost of PMS could rise above N500\/litre.
\nOil marketers had projected that the cost of the commodity could hit N700\/litre, once the Federal Government ends subsidy on petrol in June this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigeria Labour Congress (NLC), Trade Union Congress of Nigeria (TUC) and Independent Petroleum Marketers Association of Nigeria (IPMAN) have opposed the plan by President Bola Tinubu to enforce his predecessor\u2019s decision to remove fuel subsidy by June ending. Tinubu had earlier on Monday, while making his inaugural speech, affirmed that his administration would not […]<\/p>\n","protected":false},"author":1,"featured_media":205187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[688],"class_list":["post-317951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-front-pix"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/317951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=317951"}],"version-history":[{"count":1,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/317951\/revisions"}],"predecessor-version":[{"id":317955,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/317951\/revisions\/317955"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/media\/205187"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=317951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=317951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=317951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}