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The Nigerian Midstream and Downstream Petroleum Regulatory Authority recently celebrated the deregulation of the downstream sector of the oil industry by importing 27 million litres of petrol for local consumption.
This marks a shift from the previous monopoly held by the National Petroleum Company Limited.
However, the deregulation has led to a significant increase in the price of petrol, causing hardship for many Nigerians.
The rising cost of living and transportation has forced motorists to abandon their vehicles, and commuters to reduce their outings.
Small businesses are also struggling, and the World Bank has warned that more Nigerians will become poor as a result of the fuel price hike.
The Nigeria Labour Congress has criticized the increase, describing it as provocative and designed to worsen poverty levels.
The government has promised palliative measures to cushion the effects of the subsidy removal, including cash transfers, cost reduction in governance, and distribution of food items and fertilizers.
Highlights of the NEC resolutions include:
- Negotiate a new minimum wage for workers.
- Each state should plan toward implementing a cash transfer programme based on the social register of the state.
- Cash Award Policy for public servants for 6 months.
- State Governments to pay public servants outstanding liabilities.
- Govt should begin to fund MSMEs with single-digit interest rates.
- Immediate implementation of the energy transition plan, which means transiting from fossil fuels vehicles to CNG.
