MOSCOW (MRC) -- Nigeria's main labor union said on Friday it plans to go on strike from Wednesday to protest against a tripling of fuel prices in the country after new president Bola Tinubu scrapped a costly subsidy, said Reuters.
The government hopes the lifting of the fuel subsidies - which caused prices to rise to 557 naira per liter from 189 naira at the petrol pumps - will help alleviate a funding crisis in Africa's biggest economy.
Nigerian Labour Congress (NLC) Joe Ajaero made the announcement after an emergency meeting of the union's executive council in Abuja.
"The Nigeria Labour Congress decided that if by Wednesday next week that NNPC, a private limited liability company that illegally announced a price regime in the oil sector, refuses to revert itself for negotiations to continue, that the Nigeria Labour Congress and all its affiliates will withdraw their services and commence protests nationwide until this is complied with," Ajaero said.
A wave of strikes ensued the last time Nigeria tried to introduce a similar measure in 2012, with authorities eventually reinstating some subsidies.
We remind, Nigerian President Muhammadu Buhari will commission the multi-billion dollar Dangote oil refinery in two weeks, a presidency spokesperson said on Sunday, setting up the plant for its first production since construction started in 2016. Nigeria, Africa's biggest oil producer, sees the 650,000 barrels-per-day refinery - being built by billionaire industrialist Aliko Dangote's Dangote Group - as a solution to ending the country's reliance on imports for nearly all of its refined petroleum products.