By Ellis Kweta
The NLC President, Joe Ajaero, has strongly condemned the recent increase in fuel prices, calling on the government of President Bola Tinubu to reverse the hike with immediate effect.
Ajaero said in his claim pointed out that Increased fuel prices have become the hallmark of the Tinubu regime. Since his assumption of office, the government has supervised the increase in fuel prices a couple of times; this has not improved the economic well-being of the people. He accused the government of doing nothing to reduce the effects the hikes in fuel prices would have on the populace.
The NLC president minced no words in his criticism, accusing Tinubu’s administration of pushing Nigerians deeper into poverty. He described the government as being notorious for “increasing the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.”
In light of these concerns, Ajaero has questioned why the government’s decision to allow the Nigeria National Petroleum Company Limited (NNPCL) to fix petrol prices. He pointed out that despite the government’s claim of deregulating the petroleum sector, the NNPCL still operates as a dominant player, setting prices in what he termed an “hegemonic monopoly.” This raises questions about the actual level of deregulation and whether market forces are truly determining fuel prices in Nigeria.
NLC President Calls for a Reversal of the Price Hike
Ajaero’s demands go beyond mere criticism. He is calling for immediate action, urging the government to reverse the recent price hike. His argument is simple: previous increases have not yielded positive results. Instead, they have worsened the economic situation for Nigerians, who continue to face inflation, job losses, and other hardships.
“In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer,” he said, making it clear that the NLC believes the government’s policies are failing.
Ajaero also challenged the government to outline its long-term economic goals. “The government should be bold enough to tell Nigerians in advance the destination it wants to take the country,” he added, calling for a clear economic strategy rather than the current “ad hocism and palliative policy.”
Economic Impacts and Public Response
The repeated fuel price increases under Tinubu’s administration have sparked widespread public concern and discontent. Many Nigerians see the price hikes as further deepening the financial struggles they face daily. The rise in transportation costs, food prices, and general inflation are direct consequences of the fuel price adjustments, and Ajaero’s comments reflect the growing frustrations among the populace.
According to Ajaero, the government has failed to present a sustainable plan for economic growth, which should be focused on reducing poverty and stimulating production capacities. “It will further deepen poverty as production capacities dip, and more jobs are lost with multidimensional negative effects,” he noted, stressing that the long-term effects of these price hikes could have lasting damage on the economy.
Ajaero’s statement also brought attention to the controversial role of the NNPCL in setting fuel prices. Despite the government’s claims of deregulation, the NNPCL continues to play a dominant role in price determination, raising concerns about market competition and fairness.
“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly,” Ajaero said, pointing to the contradiction in the government’s stance on deregulation.
