- Following his election, President Bola Tinubu declared the removal of fuel subsidy
The President of the Nigeria Labour Congress, Joe Ajaero, expressed concern over the hardships faced by Nigerians due to the surge in fuel prices.
He criticized the adaptation of Nigerians to the higher prices, labeling them as losers during the 21st Daily Trust Dialogue on “Tinubu’s Economic Reforms: Gainers and Losers.” Ajaero emphasized the need to evaluate both failure and success indicators, highlighting the adverse impact on the masses who now pay N700/liter, compared to the previous N187/liter, without a corresponding increase in salaries and wages.
Meanwhile, he noted that it took former President Muhammadu Buhari eight years to move from N260/dollar to N700/dollar, saying “Within six months, it moved from N700/dollar to N1,350/dollar under Tinubu. So who are the losers?” he asked.
These happenings, Ajaero said, “are a situation of public disaster and private gain.”
He stated, “We are living in a prodigal economy and 99 percent, if not 100 percent of privatised companies in Nigeria have failed.”
Ajaero who noted that the country has been on an increasing debt journey, queried, “Who do you think will pay it?
“I know they tell you that you have to suffer a bit so you can gain, but it has been the same story since forever.”
He concluded by saying that companies are closing down and there is growing unemployment in the country, “so we need policies to keep people in their jobs and not the other way around.”
Following his election, President Bola Tinubu declared the removal of fuel subsidy.
Tinubu noted that the fuel subsidy had to end because the country could not maintain it.
He added that the trillions of naira yearly spent to sustain the subsidy were meant to better the healthcare and transportation sector, schools, housing, and national security, among others.
Tinubu said the money was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
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