The Nigeria Labour Congress (NLC) has called on the federal government to reverse the latest hike in the pump price of petroleum products, warning that it will negatively impact businesses and entrepreneurs.
According to the NLC President, Comrade Joe Ajaero, the increase will push more Nigerians into poverty, lower production capacities, and lead to job losses, all of which will have a severe impact on the business community.
In his statement on October 9, Ajaero emphasized that the rise in petrol prices would disrupt business operations and increase production costs, forcing many SMEs to scale back or shut down. He argued that the government’s approach lacks a clear economic plan and will worsen an already difficult business environment.
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Ajaero criticized the Nigerian National Petroleum Company Limited (NNPCL) for unilaterally setting prices, which he described as detrimental to the market’s stability.
He urged the government to focus on a sustainable strategy for economic growth rather than ad-hoc measures that harm businesses.
Given the situation, he called on the government to immediately reverse the price increase to protect Nigerian businesses and entrepreneurs from further financial strain.
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