Subscribe: Gist E-Paper
The Nigeria Labour Congress (NLC) has called on the Federal Government to immediately introduce wage awards for Nigerian workers to cushion the impact of rising petrol prices and escalating living costs.
NLC President, Joe Ajaero, made the demand in a statement issued in Abuja on Wednesday, expressing concern that the continued increase in petrol prices was eroding workers’ purchasing power and worsening economic hardship.
Ajaero said petrol was selling for about N1,430 per litre in major urban centres, with prices reportedly higher in less accessible areas. He said the development had contributed to rising transportation costs and placed additional pressure on workers and other Nigerians.
According to him, increases in transport fares would have wider consequences, driving up the prices of food, school fees, rent, tariffs and other essential goods and services.
“These new costs continue to inflict or deepen poverty among the populace, stressing the quality of life to the limits,” he said.
The NLC president linked part of the latest petrol price increase to renewed conflict in the Gulf but argued that Nigeria, as a major oil-producing country, should have mechanisms to protect citizens from sudden international energy price shocks.
“As a nation, and as a people endowed with enormous fossil resources, we are deserving of a certain level of protection or buffer against the gales from the Gulf,” he said.
Ajaero urged the Federal Government to introduce reasonable wage awards, make adequate crude oil available in naira to domestic refineries and expand the country’s petroleum storage capacity.
He said the measures would help cushion the effects of global market volatility while strengthening energy security, creating jobs and generating additional economic value.
“These measures will create jobs, economic value as well as deal with mutating security challenges,” he said.
The labour leader also defended government intervention through subsidies or palliatives during periods of severe economic pressure, saying such measures could be justified in emergency situations.
“There is nothing wrong with government subsidising the needs of citizens, especially in emergency situations like this,” he said.
Ajaero further claimed that the Federal Government was earning between $35 and $40 above the budgeted crude oil price in the international spot market, which he said translated into trillions of naira in additional monthly revenue.
He also criticised the importation of crude oil by local refineries, describing the practice as inconsistent with efforts to strengthen domestic refining capacity.
Ajaero warned that the labour movement would continue to raise concerns and take necessary steps to protect workers and citizens from worsening economic hardship.
