Fuel price increases have caused suffering for Nigerians, according to Joe Ajaero, President of the Nigeria Labour Congress.
Additionally, he called Nigerians losers for adjusting to the increase in fuel costs.
At the 21st Daily Trust Dialogue, which had as its theme “Tinubu’s Economic Reforms: Gainers and Losers,” Ajaero made this statement.
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Nonetheless, he pointed out that it’s not too soon to gauge both the success and failure indices.
The general public, he claimed, “loses out because Nigerians who used to purchase fuel at N187 per liter now have to do so at N700 per liter.”
He claimed that despite the rise, salaries and wages had not increased, adding that the majority of people were still suffering as a result.
“We live in a prodigal economy,” he said, adding that “99 percent, if not 100 percent, of Nigeria’s privatized companies have failed.”
Ajaero asked, “Who do you think will pay it?,” noting that the nation has been traveling down a path of mounting debt.
“I am aware that they advise you to endure some hardship in order to reap the benefits, but this has always been the same tale.”
In his closing remarks, he noted that the nation’s unemployment rate is rising and that “we need policies to keep people in their jobs and not the other way around.”
President Bola Tinubu announced the elimination of fuel subsidies after winning election.
He continued by saying that among other things, the trillions of naira spent annually to maintain the subsidy were intended to improve national security, housing, schools, the healthcare and transportation industries, and other sectors.
According to Tinubu, a small number of people’s opulent bank accounts and large wallets were receiving the funds.