The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has expressed concern over the impact of the fuel price hike on Nigerians, stating that the masses are suffering as a result of the increase.
Speaking at the 21st Daily Trust Dialogue with the theme “Tinubu’s Economic Reforms: Gainers and Losers,” Ajaero described Nigerians as losers for adapting to the rise in fuel prices.
Ajaero emphasized that despite the surge in fuel prices, there has been no corresponding increase in salaries and wages, leading to increased hardship for the masses.
He pointed out that Nigerians, who were previously purchasing fuel at N187 per liter, now have to buy it at N700 per liter.
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Highlighting the economic challenges, Ajaero compared the foreign exchange rates, noting that it took former President Muhammadu Buhari eight years to move from N260/dollar to N700/dollar, while within six months under the leadership of President Bola Tinubu, it moved from N700/dollar to N1,350/dollar.
He characterized the current economic situation as a “prodigal economy” and raised concerns about the failure of privatized companies in Nigeria.
Ajaero questioned the sustainability of the increasing national debt, emphasizing that the burden would eventually fall on the citizens.
Ajaero concluded by calling for policies that prioritize job retention and economic stability, as companies are closing down, leading to growing unemployment in the country.
President Bola Tinubu had recently declared the removal of fuel subsidy, citing the inability to sustain it and redirecting the funds towards essential sectors such as healthcare, transportation, education, housing, and national security.
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