Festus Osifo, the National President of PENGASSAN and President of TUC, has claimed that the Nigerian government has reinstated fuel subsidy, contrary to the policy of subsidy removal since May.
Speaking on a Channels Television program, Osifo stated, “The government has to come clean…there is subsidy because the price of crude in the international market has moved to about $93/94 per barrel for Brent crude.”
He emphasized the need for transparency and accountability on the part of the government. Fuel prices will be determined by international crude oil prices and exchange rates. Presently, Naira is ₦770 to one dollar.
The Trade Union Congress (TUC) and Nigeria Labour Congress (NLC) organized protests against the removal of subsidy in May, causing fuel prices to surge. Despite assurances from President Bola Tinubu, speculations arose about an unannounced subsidy reintroduction due to the falling value of the naira against the dollar. Osifo urged the government to manage the exchange rate effectively to eliminate the need for subsidies.
NNPCL, responsible for most petrol imports, denied plans to raise prices. Osifo emphasized the importance of transparency, stating, “The government should just come clean and open up to Nigerians.”
Labor unions continue to pressure the government for clarity amidst ongoing concerns about fuel prices and subsidies.
