Fuel subsidy: Oshiomhole says no return to old price; TUC insists on N194/liter

Ilesanmi AdekanbiJune 5, 2023

1 minute read

The Federal Government has made it clear that it will not go back on its decision to increase the petrol pump price from N194 to N488 and N557 per litre.

This is despite the protests and demands from the Trade Union Congress (TUC) and other Nigerians who are feeling the pinch of the removal of fuel subsidy.

According to Senator-elect Adams Oshiomhole, a former governor of Edo State and a close ally of President Bola Tinubu, the 2023 budget does not have any provision for fuel subsidy beyond May 31st. He said this while appearing on Channels Television on Sunday.

Oshiomhole also pointed out that all the major presidential candidates in the February 2023 election had agreed to scrap the subsidy if they had won. He cited Peter Obi, Atiku Abubakar and Bola Tinubu as examples of those who had promised to end the subsidy on their first day in office.

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He argued that by removing the subsidy, Nigeria would save about N7 trillion that could be invested in other sectors of the economy.

He said the savings would go to the federation account and be shared among the three tiers of government.

However, the TUC is not convinced by this argument. The union has asked the FG to revert to the old petrol pump price of N194 per litre while it continues to negotiate over the recent increase.

The union has also demanded a review of the current minimum wage to cushion the effect of the subsidy removal on Nigerians.

The meeting between the FG and the TUC held at the State House in Abuja on Sunday evening ended without any resolution. The union has threatened to embark on a nationwide strike if its demands are not met.