FG’s Petrol-Price Reduction Still Unaffordable For Nigerian Workers — TUC President

The Trade Union Congress of Nigeria (TUC), president, Comrade Festus Osifo, has said the Federal Government’s reduction of petrol price from N1,400 to N1,350 per litre at NNPCL stations will still be unaffordable for Nigerian workers.

Speaking during an interview on Channels Television’s Politics Today on Thursday, Osifo said the N50 cut, which will be covered by government, does not address the core hardship facing workers.

He argued that fuel price must be measured against earning power, not just pump price.

“Some people are comparing the price of fuel in the United Kingdom (UK) to Nigeria, the minimum wage in the UK is about 3,000 pounds, convert it to naira, that is about N6 million,

“If you compare that to the N70,000 minimum wage, you will understand that due to low minimum wage, the price hike will affect Nigerians more.”he said

Osifo maintained that any reduction where government takes off part of the market price is subsidy, regardless of what name it is called.

“When the price of a product is for instance N1,500 and the government is taking off N150, the government is actually subsiding the product,” he added.