The Nigeria Labour Congress (NLC) has urgently called on the federal government to approve immediate wage awards for workers to cushion the harsh economic impact of skyrocketing petroleum product prices.
In a strongly worded statement titled “Save the Situation Now,” issued by NLC President, Joe Ajaero, the labour movement criticized the current situation, noting that petrol pump prices have surged between ₦1,430 in major cities and even higher in remote areas.
The union argued that this staggering inflation has inflicted incalculable damage on citizen wages, quality of life, and overall national well-being.
The labour body expressed deep concern over unchecked market forces, questioning how the government could remain passive while marketers inflict severe suffering on the citizenry under the guise of deregulation.
Highlighting the cascading effect of the crisis, the NLC pointed out that escalating transportation costs immediately drive up the prices of essential goods and services, including school fees, rents, utility tariffs, and foodstuffs.
This relentless economic pressure, the union noted, continues to deepen poverty across the populace, stretching living standards to breaking points.
Addressing the root causes, the NLC acknowledged that while the latest surge is partly driven by geopolitical conflicts in the Gulf region, Nigeria’s status as a major oil-producing nation should offer natural insulation.
With substantial local refining capacity now established, the union argued that citizens deserve a buffer against international economic gales.
Furthermore, the statement emphasized that the government is currently reaping a financial windfall of USD35 to USD40 per barrel above budgeted figures in the international spot market, translating to trillions of naira monthly.
To alleviate the current hardship, the NLC has outlined three critical policy demands for immediate government action.
First, the administration must approve reasonable wage awards to protect workers’ purchasing power.
Second, the government should sell sufficient crude oil in naira to local refineries to stabilize domestic supply.
Finally, the country must expand its national storage capacity to guarantee long-term energy security and emergency preparedness.
Defending these interventions, the labour movement asserted that there is nothing fundamentally wrong with the government subsidizing citizens’ needs during unprecedented economic emergencies.
The NLC observed that virtually all major oil-producing countries have implemented sustainable palliative measures to protect their populations during perilous times.
Consequently, the union urged authorities to channel their extra oil revenues directly into life-saving economic buffers for the Nigerian people.
