Na serious gist we dey yarn today as Trade Union Congress (TUC) don sound alarm say petrol price fit touch N2,000 per litre if government no take urgent steps. The union president, Comrade Festus Osifo, talk am for press conference wey he hold for Abuja on Thursday. Him warn say Nigerians dey already suffer well well as fuel price dey climb up and down for country.
Osifo yarn say workers dey pass through serious pain. “Today, comrades, we dey see say cost of petrol dey edge towards N2,000 per litre depending on which part of country you dey,” him talk. “Nigerian workers dey already pass through excruciating pain as we dey yarn now.”
The TUC president explain say the increase for petrol price don begin affect everything for economy. Transportation don cost more, manufacturing don suffer, and diesel price don also shoot up. “When production costs rise, the final price of goods for shelf go also skyrocket,” Osifo add.
Him warn say if this trend continue, inflation wey dey come down small small fit reverse and start to climb again. “If this continues unchecked, the inflation wey we dey celebrate as going downwards go reverse and start moving up again,” him state.
But TUC don propose solution wey dem say fit bring down fuel prices within two weeks. Dem urge Federal Government to take 60 percent of excess crude revenue wey dey above the 2026 budget benchmark and use am subsidise crude feedstock for Dangote Refinery and other modular refineries.
Osifo explain say 2026 Appropriation Act peg crude oil price benchmark at $64.85 per barrel. But with current international crude prices dey hover around $100 per barrel because of Middle East conflict and blockade of Strait of Hormuz, government dey earn excess of approximately $35.15 per barrel.
“Take at least 60 percent of that excess fund—about $20 per barrel—and use am subsidise the crude wey dem dey supply to Dangote Refineries and all modular refineries wey predominantly produce AGO (diesel),” Osifo state.
The TUC boss argue say subsidising crude feedstock at production level, instead of finished products, go eliminate risk of diversion and abuse wey plague previous fuel subsidy regime. “When you subsidise crude, e no get ability to be abused because you dey subsidise production directly. PMS, AGO, and jet fuel go go down immediately,” him declare.
Osifo note say while government plan to deploy more CNG buses na good idea, lack of adequate CNG infrastructure along major highways make am long-term solution wey no dey address immediate crisis wey workers dey face. Many workers no fit find fuel or CNG stations along routes like Kaduna–Ibadan.
On security matter, Osifo condemn deteriorating security situation, describe recent massacres as appalling and unacceptable. Him specifically reference recent attack for Angwa Rukuba, Plateau State, where tens of Nigerians dem slaughter while dem dey celebrate. “E really sad to see Nigerians being killed like chickens,” Osifo lament.
Him call for provision of modern warfare technology for military to fight insurgency. While thanking Chief of Defence Staff, service chiefs, Inspector-General of Police, National Security Advisor, and all officers and men of Armed Forces, Police, and DSS for their sacrifices, TUC charge political class to provide state-of-the-art equipment and modern technology to confront terrorists decisively.
Osifo draw sharp contrast with global standards, note how United States deploy nearly 100 jets to rescue single colonel attacked for Iran. Him underscore say Nigerian lives suppose matter equally. “Na country wey secure you go start think about development. If country no secure, e no favourable to build roads, hospitals, or schools,” him talk.
TUC say dem go dispatch formal letter to Office of the Secretary to the Government of the Federation (OSGF), address am to President Bola Tinubu, urge immediate implementation before next federation account distribution.
Osifo also blame high cost of petroleum products on continued depreciation of naira. Him argue say exchange rate na major determinant of domestic fuel prices. “If our naira today dey below N1,000 to dollar, Nigerians for dey buy petrol for less than N1,000 per litre. The more naira devalue, the more our purchasing power dey erode,” him talk.
Him insist say naira suppose ideally trade between N800 and N900 to dollar to ease inflationary pressure. “Our naira no get any business being more than N1,000 to dollar. If e fall to around N900, we go see impact immediately on petrol prices and cost of goods and services,” him add.
The TUC president further criticise slow pace of Compressed Natural Gas infrastructure development, warn say current plan to deploy CNG buses may no deliver immediate relief. “Today, biggest challenge with CNG na infrastructure. If you dey travel from one city to another and your vehicle run out of CNG, where you go refill? E be like driving electric car without charging stations,” him talk.
On workers welfare, Osifo say labour unions dey push for measures to cushion hardship wey Nigerians dey face, including possible wage adjustments. Him note say while next national minimum wage review na for 2027, discussions dey ongoing on possible earlier interventions.
“Anything wey must be done to cushion hardship Nigerians dey pass through na welcome. We dey already factor these economic realities into collective bargaining agreements for private sector,” him talk.
Osifo announce say TUC go dispatch formal letter to Office of the Secretary to the Government of the Federation, address am to President Bola Tinubu, to formally present 60 percent excess revenue proposal and push for immediate adoption. “This na the way forward. We think government fit implement this immediately. Nigerians dey feel pain right for our pockets,” him conclude.
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