‘President Tinubu To Consider Temporary Subsidy On Fuel’

By - LagosCityReporters 15 August 2023 Comments (0) 2 Mins Read

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President Bola Ahmed Tinubu is reportedly considering a temporary subsidy on Premium Motor Spirit (PMS) popularly known as petrol.

According to TheCable, the president is seriously considering to reintroducing fuel subsidy as crude oil prices and foreign exchange rates continue to rise in the international market.

Presidency sources told the news platform that President Tinubu is yet to take a final decision on the matter, adding that the proposal is “firmly on the table”.

Nigerians have continued to groan under harsh economic realities following the removal of petrol subsidy in May 2023.

Following the removal of the fuel subsidy, the price of petrol has gone from N200 to N500/700 in the last three months.

Already, the Nigerian Labour Congress (NLC) has threatened to embark on an indefinite strike if the petrol price further surges.

Speaking at the African Trade Union Alliance meeting in Abuja on Monday, the NLC President, Joe Ajaero, said the union would proceed with a total, comprehensive and indefinite nationwide shutdown of the country.

Ajaero also warned the federal government against undermining the demands of the union and the plan to provide palliatives to Nigerians and workers.

He stated that Nigerians had suffered enough from the policies of the government and will not take kindly any increase in petroleum pump prices that would worsen the situation