Concerns over Fuel Price Hike
The President of the Nigeria Labour Congress, Joe Ajaero, voiced his apprehension regarding the increased fuel prices and its adverse effects on Nigerians.
Speaking at the 21st Daily Trust Dialogue, themed “Tinubu’s Economic Reforms: Gainers and Losers,” Ajaero expressed empathy for the hardships endured by the populace due to the escalating fuel costs.
Masses as the Losers
Ajaero lamented that Nigerians, who were once accustomed to purchasing fuel at N187/liter, now find themselves paying a significantly higher rate of N700/liter.
He emphasized that the general population has become the losers in this scenario, adapting to the rising costs without a corresponding increase in salaries and wages.
This, he argued, has led to widespread economic hardship.
Assessment of Indicators
While acknowledging that it is not too early to evaluate the indicators of failure and success, Ajaero questioned the impact of the fuel price hike on the masses.
He pointed out that within a short period under Tinubu’s economic reforms, the exchange rate had surged from N700/dollar to N1,350/dollar.
Ajaero challenged the prevailing narrative, asking, “So who are the losers?”
Public Disaster and Private Gain
Describing the current economic situation as a “public disaster and private gain,” Ajaero criticized the state of the economy, stating that the majority of privatized companies in Nigeria have failed.
He highlighted the increasing national debt and raised concerns about the burden it places on the citizens.
Ajaero questioned the long-standing narrative of enduring temporary suffering for eventual gain, expressing skepticism about its effectiveness.
Call for Job Preservation Policies
Expressing worry over the closure of companies and the escalating unemployment rates, Ajaero called for the implementation of policies aimed at preserving jobs.
He emphasized the need to focus on strategies that keep people employed rather than the opposite.
Tinubu’s Rationale for Fuel Subsidy Removal
President Bola Tinubu, after assuming office, justified the removal of the fuel subsidy by deeming it unsustainable for the country.
He argued that the trillions of naira annually allocated to sustain the subsidy could be better redirected to crucial sectors such as healthcare, transportation, education, housing, and national security.
Tinubu contended that the funds were being inappropriately diverted into the bank accounts of a privileged few, advocating for a reallocation that benefits the broader population.
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