TUC President Osifo Critiques Petrol Price Reduction

Comrade Festus Osifo, the president of the Trade Union Congress of Nigeria (TUC), expressed concerns regarding the Federal Government's recent reduction of petrol prices from N1,400 to N1,350 per litre at NNPCL stations. During an interview on Channels Television’s Politics Today, he stated that the N50 reduction, which the government will cover, does not alleviate the fundamental hardships faced by workers.

Osifo argued that fuel prices should be evaluated in relation to earning power rather than just the pump price. He compared Nigeria's minimum wage of N70,000 to the UK's minimum wage of approximately 3,000 pounds (about N6 million), highlighting the disparity and its impact on Nigerian workers.

He asserted that any reduction where the government offsets part of the market price constitutes a subsidy, regardless of terminology.