By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
The Catalyst MagazineThe Catalyst Magazine
Notification Show More
Latest News
Tottenham Hotspur Vs Arsenal (0 – 2) On 15th January 2023
SPORT
Chelsea Vs Crystal Palace (1 – 0) On 15th January 2023
SPORT
Big Brother Titans Starts 7pm Today, All You Need To Know And How To Watch
ENTERTAINMENT
Stop These Sexual Acts In 2023
LIFESTYLE
Kunle Afolayan’s ‘Anikulapo’ Tops Most Watched Movies On Netflix Naija 2022 
ENTERTAINMENT
Aa
  • Home
  • News
    • POLITICS
    • TECH
    • SPORT
    • ENTERTAINMENT
    • BUSINESS
    • LIFESTYLE
    • HEALTH
  • Magazines
  • Contact
Reading: NLC meets on govs’ N380/litre petrol proposal today, experts warn FG
Share
Aa
The Catalyst MagazineThe Catalyst Magazine
Search
  • Home
  • News
    • POLITICS
    • TECH
    • SPORT
    • ENTERTAINMENT
    • BUSINESS
    • LIFESTYLE
    • HEALTH
  • Magazines
  • Contact
Have an existing account? Sign In
Follow US
The Catalyst Magazine > Blog > BUSINESS > NLC meets on govs’ N380/litre petrol proposal today, experts warn FG
BUSINESS

NLC meets on govs’ N380/litre petrol proposal today, experts warn FG

admin
Last updated: 2021/05/21 at 3:12 PM
admin Published May 21, 2021
Share
SHARE
×
Ayuba-Wabba

The Nigeria Labour Congress will today (Friday) come up with its position on the recommendation by governors that the price of Premium Motor Spirit, popularly called petrol, be raised from N162/litre to N408.5/litre.

A committee set up by the Nigeria Governor’s Forum had on Wednesday called for immediate removal of petrol subsidy. It recommended a petrol price of between and N380/litre and N408.5/litre.

However, the Abuja Chamber of Commerce and Industry and the Lagos Chamber of Commerce and Industry on Thursday advised the Federal Government to be tactful when removing petrol subsidy. They recommended that it be done gradually.

Also, officials of the Nigerian National Petroleum Corporation told our correspondent that the oil firm was awaiting the Federal Government’s position on the recommendation of the governors before it would adjust petrol price.

NNPC has been the sole importer of petrol into Nigeria for more than three years running.

When contacted by our correspondent on Thursday for the position of the NLC on the latest recommendation of the governors as touching petrol price, the Deputy President, Joe Ajaero, replied, “Congress will come up with a position latest tomorrow (Friday).”

Officials of both the NLC and the Nigeria Union of Petroleum and Natural Gas workers in separate exclusive interviews had last week argued that the continued imports of petrol by the NNPC was at the detriment of Nigeria’s refineries.

They also insisted that the government should fix Nigeria’s refineries and stop importing petrol to help halt subsidy and save funds for the country, as they opposed subsidy removal now.

Commenting on the matter, the President, ACCI, Dr Al-Mujtaba Abubakar, said in an interview that it would be painful to raise petrol price to N408/litre this time and called for gradual increment.

He said, “The subsidy removal can be staggered. They (government) can stagger it by either removing about 25 per cent in the first three months, another 25 per cent next, and so on. They can stagger it.

“But as they remove the subsidy people will also want to see the benefits coming.”

Abubakar said the ACCI was in support of subsidy removal, but stressed that the amount saved must be properly channeled into infrastructure development.

On his part, the Director-General, LCCI, Dr. Muda Yusuf, explained that the inevitability of the deregulation of the petroleum downstream sector had not been in doubt.

He said given the huge financing gaps that existed at all levels of government, it was impossible to continue to sustain the subsidy regime, adding that the opportunity cost of petrol subsidy was huge.

Yusuf said, “But the transitioning process from a subsidy regime to a deregulated policy space calls for a strategy that is inclusive and socially sensitive.

“It is a tricky situation that demands tactful handling. It has profound social dimension. There is a strong economic argument, there is significant investment effect and there is a potential substantial political cost.”

The LCCI DG, however, noted that the bigger conversation should be around what should be done to mitigate the short term adverse social effect on the vulnerable segments of the society.

The Group General Manager, Group Public Affairs Division, NNPC, Kennie Obateru, told our correspondent that the oil firm would await the Federal Government’s position on the governors’ recommendation before changing petrol price.

He said, “We really cannot take a position on that now because we don’t want to pre-empt whatever government is going to decide and it is whatever the Federal Government decides that will come to play.

Obateru said the corporation was aware of the recommendation by the governors and admitted that petrol subsidy had truly been a burden on NNPC.

You Might Also Like

Dangote to start exporting fertiliser to U.S., Brazil

June 19, 2021

Banks commence N6.98 USSD charge, customers kick

FIRS launches new tax returns platform

Forex: ABCON bans street hawking, moves to cut rate

admin May 21, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Social Medias
Facebook Like
Twitter Follow
Youtube Subscribe
Telegram Follow

Weekly Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]
Popular News

October 13, 2021

admin admin October 13, 2021
Tottenham Hotspur Vs Arsenal (0 – 2) On 15th January 2023
FG targets 90% broadband penetration by 2023
Buhari mortgaging our children’s future with reckless borrowing – PDP
VPN: FG orders prosecution of persons using Twitter
- Advertisement -
Ad imageAd image
Global Coronavirus Cases

Confirmed

0

Death

0

More Information:Covid-19 Statistics

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]

© Foxiz News Network. Ruby Design Company. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?