President Tinubu Reportedly Considering Temporal Petrol Subsidy

President Bola Tinubu is reportedly considering the implementation of a temporary subsidy on Premium Motor Spirit (PMS), commonly referred to as petrol.

According to TheCable, President Tinubu is seriously evaluating the prospect of reinstating fuel subsidy, given the escalation of crude oil prices and foreign exchange rates in the global market.

Sources within the presidency have informed the news outlet that Tinubu is yet to reach a final decision on this matter, but the proposal is under thorough consideration and is a significant topic of discussion.

Since the removal of petrol subsidy in May 2023, Nigerians have been grappling with severe economic challenges. Over the past three months, the cost of petrol has surged from N200 to N500/700.

The Nigerian Labour Congress (NLC) has already issued a warning that they might embark on an indefinite strike if the petrol price continues to rise.

During the African Trade Union Alliance meeting in Abuja on Monday, NLC President Joe Ajaero emphasized the union’s readiness to initiate a comprehensive nationwide shutdown if necessary.

Ajaero also cautioned the federal government against disregarding the union’s demands and the planned provision of relief measures for Nigerian citizens and workers.

He emphasized that Nigerians have endured considerable hardship due to government policies and will not tolerate any further increase in petroleum pump prices that would exacerbate the situation.

Meanwhile, the University of Ibadan (UI), Oyo State, has directed its staff to work for three days a week as a result of the hike in the price of petrol arising from the removal of subsidy.