NLC Rejects Petrol Price Hike, Warns of Deepening Poverty
By Okafor Joseph Afam
October 10, 2024
The Nigeria Labour Congress (NLC) on Wednesday rejected the recent hike in fuel prices, stating that the move will further exacerbate poverty in the country.
Joe Ajaero, President of the NLC, made this declaration in a press statement following the decision by the Nigerian National Petroleum Company Limited (NNPCL) to raise the pump price of petrol to N998 per liter in Lagos and N1,030 in other parts of the country.
Ajaero criticized the government’s approach, accusing it of being known only for increasing fuel prices without considering the economic capacity of Nigerians or introducing measures to cushion the impact.
“It looks like the only thing this government is known for is an increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures,” Ajaero remarked. “Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.”
The NLC president emphasized that previous hikes had not led to any positive outcomes, and this new increase would only worsen the living conditions for Nigerians. He urged the government to reconsider its decision, warning that it would result in reduced production capacities and further job losses, thereby deepening the country’s economic woes.
“It will further deepen poverty as production capacities dip, more jobs lost with multidimensional negative effects,” Ajaero added. “In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good result. People only got poorer. But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.”
The NLC’s stance reflects growing frustration among citizens, many of whom have already been struggling with the rising cost of living. The congress has called for swift action to alleviate the hardship being experienced by the masses, warning of the potential consequences if the government fails to act.
