Nigerians at Breaking Point Amid Petrol Price Hike, NLC, Atiku Warn

The recent petrol price hike has drawn widespread condemnation, with the Nigeria Labour Congress (NLC) and former Vice President Atiku Abubakar cautioning that Nigerians are at a breaking point. The federal government’s decision to increase petrol prices is compounding economic hardships, especially for the average citizen.

Speaking at a weekend event, NLC President Joel Ajaero, represented by Prince Adewale Adeyanju, urged Nigerians to resist the hike, stating that it exacerbates the already dire economic situation. He highlighted the devastating impact on the cost of living, noting that rising fuel prices have driven up transportation and food costs, plunging many families into further hardship. Ajaero also criticized government policies that have contributed to the economic crisis, including the devaluation of the naira and increasing electricity tariffs.

In addition, Atiku expressed concern over the government’s plan to raise Value Added Tax (VAT) from 7.5% to 10%, warning that this would intensify the cost-of-living crisis. He accused President Bola Tinubu of being indifferent to the suffering of ordinary Nigerians while benefiting from luxurious privileges. Atiku stated that Tinubu’s administration is implementing regressive policies that will negatively impact the economy, especially the manufacturing sector, which has already seen a 20% decline in GDP contribution since December 2023.

The Socio-Economic Rights and Accountability Project (SERAP) has also condemned the petrol price increase, calling it illegal and unconstitutional. SERAP has demanded that President Tinubu direct the Nigerian National Petroleum Company Limited (NNPCL) to reverse the hike immediately. SERAP further urged the president to probe allegations of corruption within the NNPC, particularly its failure to remit oil revenues and the misuse of public funds.

Human rights lawyer Femi Falana, SAN, added his voice to the growing discontent by calling on the federal government to ensure the completion of refinery rehabilitation projects by September 2024. He threatened legal action against contractors if they fail to meet the deadline, condemning the persistent delays that have contributed to the ongoing fuel scarcity and price increases.

With public outcry mounting, the NLC and other civil society groups are rallying Nigerians to resist what they see as unfair economic policies that disproportionately harm the most vulnerable in society.