NLC Reveals Position On Tinubu’s Proposed N500billion Subsidy Palliative, Makes Demand

NLC Reveals Position On Tinubu’s Proposed N500billion Subsidy Palliative, Makes Demand

The Nigeria Labour Congress (NLC) has expressed its opposition to President Bola Ahmed Tinubu’s proposed N500 billion palliative, stating that it would not be sufficient to alleviate the hardships faced by workers as a result of the removal of fuel subsidies.

Hakeem Ambali, the NLC’s National Treasurer, called for a 300 percent salary increase for workers to help them cope with the harsh economic conditions. He questioned the effectiveness of the proposed palliative in addressing the economic hardships faced by the over 125 million Nigerians living in poverty.

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Ambali suggested several measures to alleviate the situation, including a 300 percent minimum wage increase for all workers, granting licenses to individuals to establish modular refineries for local petrol refining, and providing economic stimulus loans to small and medium-sized enterprises (SMEs) at a 15 percent interest rate.

He also called for social benefits for the elderly and unemployed youths, agricultural loans for farmers and young people through agricultural banks and community banks at single-digit interest rates, investment in alternative energy sources such as solar power and Compressed Natural Gas, and addressing issues in the refineries and electricity privatization.

President Tinubu had requested the approval of the House of Representatives for a N500 billion palliative to mitigate the effects of fuel subsidy removal. In his letter to the House, Tinubu proposed an amendment to the 2022 Supplementary Appropriation Act to allocate funds for the provision of palliatives.

The House of Representatives is expected to discuss the president’s request in a plenary session.