The Nigeria Labour Congress (NLC) and former Vice President Atiku Abubakar have sharply criticized the federal government’s recent increase in petrol prices, warning that it has pushed many Nigerians to a breaking point. They argue that this price hike, coupled with plans to raise Value Added Tax (VAT), will severely worsen the cost-of-living crisis and compound the economic challenges faced by ordinary Nigerians.
Atiku Abubakar has highlighted that the proposed VAT increase, coming on the heels of the petrol price hike, could deepen the domestic cost-of-living crisis and hinder Nigeria’s already fragile economic growth. He described the move as a “blazing inferno” that will further burden the impoverished while political leaders indulge in extravagant spending.
Meanwhile, the NLC has called for widespread revolt against the price hike and urged Nigerians to unite against what they describe as regressive economic policies. The NLC’s President, Joel Ajaero, represented by Prince Adewale Adeyanju, emphasized that the petrol price increase, coupled with rising electricity tariffs and a devalued naira, has led to significant hardships for Nigerian workers and their families. The NLC insists on the reversal of the price hike, stressing that allowing such division in their response could inadvertently benefit opposing forces and prolong the community’s struggle.
Human rights lawyer Femi Falana has demanded that the federal government ensure the completion of the rehabilitation of Nigeria’s refineries by September 2024 or face legal action against the contractors. Falana criticized the delays in the $2.9 billion rehabilitation contracts awarded to Italian firms Tecnimont SPA and Saipem, arguing that these delays are exacerbating the fuel scarcity and price hikes affecting Nigerians.
The Socio-Economic Rights and Accountability Project (SERAP) has also called for action, urging President Bola Tinubu to direct the Nigerian National Petroleum Company Limited (NNPCL) to reverse the recent petrol price increase. SERAP condemned the hike as unconstitutional and a breach of Nigeria’s international human rights obligations. They have also called for a thorough investigation into allegations of corruption and mismanagement within the NNPC, which they argue is contributing to the persistent fuel price increases and worsening economic conditions.
In a letter to the President, SERAP warned that the increase in petrol prices is placing an undue burden on the already impoverished, undermining their basic living conditions. They stressed that the government has a legal obligation to protect the most vulnerable and to address corruption and mismanagement in the oil sector.
Overall, the NLC, Atiku Abubakar, and SERAP are united in their criticism of the federal government’s economic policies, calling for immediate action to address the worsening economic situation and to ensure greater accountability and transparency in the management of Nigeria’s resources.
Written by: Blossom Kugbere.