By Ogechi Okorie
Festus Osifo, the president of the Trade Union Congress (TUC), on Wednesday asked President Bola Tinubu’s led administration to account for subsidy removal gains.
President Bola Tinubu had in July said the Nigerian government had saved more than N1 trillion after his decision to halt payment of petrol subsidy.
Tinubu while speaking in a nationwide broadcast said the revenue saved will be used for the benefit of Nigerians.
“In a little over two months, we have saved over a trillion naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families,” Tinubu said.
Tinubu’s decision to remove subsidy on petrol, leading to the full deregulation of Nigeria’s oil sector has resulted in a spike in fuel price from 168 to N580/N600 per litre.
However, Osifo while speaking on the matter during an interview on AriseTV on Wednesday, asked where the money saved since removing the subsidy is.
Osifo explained that since the government announced N1 trillion has been saved, there is no reason to continue borrowing money, adding that FG should simply deploy part of the funds on Nigerians.
“The President and commander in chief on its own came and said the country has saved N1 trillion. The Federal government went everywhere to announce that if subsidy is removed, it’s going to save substantial money,” Osifo said.
“And so, we don’t expect them to go everywhere and start borrowing money. They told us they are going to save money. So where is the money that you have saved and how have they deployed this money?”
Osifo’s comment comes a day after TUC and the Nigeria Labour Congress (NLC) announced that workers’ unions will embark on an indefinite strike on October 3, 2023.
He asserted that the unions have exhausted their arsenals and have been left with no choice but to proceed on the definite strike next month.
