Fuel Subsidy: Shelving Strike Was Right Decision, Oodua Group Tells Labour

A group, under the aegis of Coalition of Oodua Self Determination Group (COSEG), has hailed the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) for calling off the planned strike, saying the decision was a step in the right direction.

The self-determination groups comprising Oodua Youth Movement (OYM); Oodua People’s Congress (OPC); Oodua People’s Congress Reform; Oodua People’s Congress New Era, Women Group, South-West and the Agbekoya group also said no part of the South-West shall be available for any fuel-subsidy unrest.

Speaking in a press conference in Lagos, on behalf of the group, Com. Rasaq Olokooba said the new government led by President Bola Tinubu needs the support of everybody in building the economy and commonwealth of Nigeria.

According to him,’’ In the year 2023, the country has budgeted N11 trillion of its oil revenue on subsidizing petrol alone and this cannot continue as this is good money going down the drain with little or nothing to show for it.

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“Nigeria’s daily petrol consumption is said to be 66.8 million litres which cost the government about N40.1 billion every single day and N1.243 trillion every month, in a country which its economy depends on 90 per cent on petroleum exports for its revenue as the government continues to spend above N600 as subsidy on every litre of fuel consumed in Nigeria.

Olokooba stated that the huge amount can be channelled into solving our several deficits including infrastructure, housing, education, healthcare and general upgrading the quality of life for Nigerians.

‘’We should take a cue from the telecommunications industry even though the price of fuel appears to be on the high side today due to deregulation, the situation can only be temporary. In the telecommunications market,  people bought SIM cards for as much as N50,0000 but in the face of stiff competition within the industry, today SIM cards cost no more than N150 and are sometimes free.’’