- Adjourn Meeting, Keep Mum Over Resolution
- Hike In Petrol Price May Worsen Inflation-World Bank Warns
- Reps Demand Reversal Of Hike In Petrol, Cooking Gas Immediately
Amid growing tension of another industrial action over the recent hike in the prices of Premium Motor Spirit (PMS) popularly called petrol, the meeting between representatives of the federal government and organised labour ended in Abuja on Wednesday without a resolution.
The Matrix had earlier reported that leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) represented organised labour at the meeting held at the office of the Secretary to the Government of the Federation (SGF).
Minister of Information and National Orientation, Mohammed Idris, led the Federal Government’s delegation.
The meeting, which lasted for hours, was also attended by Nkeiruka Onyejeocha, minister of state for labour and employment; Wale Edun, minister of finance; and Nuhu Ribadu, national security adviser (NSA).
Others were Heineken Lokpobiri, state minister of petroleum (oil); Ekperikpe Ekpo, state minister for petroleum resources (gas); and representatives of the Nigerian National Petroleum Corporation (NNPC) Limited.
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On the part of organised labour were Joe Ajaero, president of the NLC; Kabiru Sani, deputy president; Emma Ugboaja, general secretary; Tommy Okon, deputy president of the TUC; and Nuhu Toro, secretary general.
The meeting was adjourned, but a new date was not communicated to the parties involved.
However, Idris told journalists that the meeting was a renewed commitment by the government to keep engaging organised labour.
He said the government will not wait till there is tension in the country before meeting with the organised labour.
The minister, however, did not reveal the issues discussed during the meeting when asked by journalists.
“A lot of things were discussed, but like I said, this is a work in progress, this is something that isn’t a one-off thing, but we have not reached anything that we think that we can tell Nigerians now,” he said.
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“But what is more important is that there’s going to be continuous engagement between us and Labour for the good of the country.
“This is our continuous engagement with labour for the good of the country. You know that labour is an important component of this country; all of them are our brothers and sisters. The government is there for everyone, including Labour, so we will continue to engage labour for the good of the country.”
Meanwhile, the World Bank has warned that the recent 40-45% increase in the prices of Premium Motor Spirit (PMS) also known as petrol in September 2024 may reverse the disinflationary trend in the country.
The warning was contained in the October edition of its Africa’s Pulse report released recently.
It would be recalled that President Bola Tinubu in May 2023, officially pronounced an end to petrol subsidies in Nigeria, jerking the prices of the product up from N175 per litre to over N1000 across the country.
Consequently, inflation spiked in the country hitting 32.70% in September 2024 according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released yesterday.
To this effect, the international lender has now warned that the recent spike in inflation may have been caused by the over 40-45% hike in the price of the product.
“While the inflationary effects of a weakened naira in the first months of this year and the removal of the gasoline subsidy in the second half of 2023 appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 per cent in September may reverse the disinflationary trend.”
The international lender also said economic growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start yielding results.
In the same vein, the House of Representatives has called on the Federal Government of Nigeria to reverse the hike in the pump price of petroleum products and cooking gas.
This motion was moved by the Deputy Minority Leader, Aliyu Madaki and sponsored by 111 members of the House of Reps at plenary.
The lawmakers said they feared that the hike was causing hardship for Nigerians and threatening job security.
The Green Chamber also asked that the Nigerian National Petroleum Company Limited (NNPCL), and the Ministry of Petroleum Resources, increase local refining capacity, while also calling on the Central Bank of Nigeria (CBN), to implement monetary policies that will mitigate the adverse effect of fuel price hike on inflation.
