TUC urges government to use oil revenue for refinery subsidies
The Trade Union Congress of Nigeria has called on the Federal Government to use excess crude oil revenue to subsidise local refineries. Festus Osifo, president of the Congress, warned that petrol prices could rise significantly if urgent action is not taken. He highlighted that the persistent increase in fuel costs is worsening economic hardship for Nigerian workers. The TUC plans to formally communicate its proposals to the authorities to help alleviate the situation.
What we know
- Festus Osifo urged the government to use excess crude oil revenue to subsidise crude supplied to local refineries, including the Dangote Refinery and modular refineries.
- He warned that petrol prices could reach as high as N2,000 per litre if no action is taken.
- The TUC attributed the rising fuel prices to global oil market volatility, international tensions, and the depreciation of the naira.
- Osifo suggested that at least 60 per cent of excess funds from crude oil prices above the budget benchmark should go towards refinery subsidies.
- The TUC emphasized that subsidising crude for local refineries would directly reduce petroleum product prices and ease economic hardship for workers.
