Business News of Friday, 9 October 2026

Source: www.punchng.com

Labour gives FG two weeks to cut petrol prices

The Nigeria Labour Congress has given the Federal Government two weeks to reduce the price of petrol, begin renegotiating the national minimum wage and resolve outstanding agreements with workers, escalating pressure on the government over the worsening cost of living.

The deadline begins today, Friday, with Nigeria’s biggest labour group warning that failure to meet its demands within the period will compel it to take remedial steps as directed by its relevant organs.

The ultimatum was issued at a joint meeting of the NLC’s National Executive Council and Central Working Committee held at the Olaitan Oyerinde Hall, Labour House, Abuja, on Wednesday, October.

The meeting considered what the labour centre described as the grave economic, political and crises of survival confronting Nigerian workers and the country at large.

In a communiqué issued on Thursday and signed by NLC President Joe Ajaero, the union expressed concern over what it described as the deepening hardship being experienced by workers and the wider population as a result of the Federal Government’s economic policies.

The workers argued that inflation continues to rise, the naira remains under pressure, workers’ wages have lost purchasing power, and the cost of living has become unbearable.

“The ruling elite, acting as enforcers of global monopoly capital, have demonstrated a worrying indifference to the suffering of the people, choosing instead to transfer the burden of their fiscal negligence onto the already impoverished working masses,” the communiqué stated.

The labour centre also declared that no society can sustainably develop under a regime of corporate plunder and neo-liberal enslavement, calling on Nigerian workers to remain organised and resolute in what it described as a collective struggle for a fair and equitable country.

Minimum wage

A central demand of the NLC is the renegotiation of the national minimum wage, which the union considers increasingly inadequate in the face of rising living costs and the depreciation of the naira.

The labour centre maintained that the current wage of N70,000, about $50 per month, has lost much of its value and that workers are struggling to pay for basic necessities, including food, shelter, healthcare, transportation and education.

Consequently, workers want the Federal Government to commence renegotiating the national minimum wage before the end of October.

President Bola Tinubu’s much-talked-about economic reforms have failed to translate into better living conditions. While his administration continues to brag about more investment in the country’s stock market, GDP per capita, which is the real measure of economic conditions, continues to decline.

The union is demanding a living wage that reflects the actual cost of living and preserves what it described as the dignity of Nigerian workers. It warned that any further delay by the Federal Government would be unacceptable.

Petrol prices

The workers also renewed their demand for an immediate reduction in the price of premium motor spirit, commonly known as petrol. Under the two-week ultimatum, the government is expected to take measures to reduce petrol prices nationwide to the level prevailing when the current national minimum wage was signed in 2024.

Africa’s largest producer of crude oil now sells petrol for about N1,330 per litre or more in major cities and at higher prices in some remote areas, an increase that continues to place further pressure on household budgets.

Nigeria’s private crude refiner Dangote Petroleum Refinery raised its ex-gantry price in September before subsequently cutting it by N25 per litre, prompting the Nigerian National Petroleum Company to revise prices at its retail stations.

The labour centre wants the reduction to cushion what it describes as the impact of the energy crisis on workers and the wider population. The union linked the high cost of petrol to increases in transportation, food and other essential goods, arguing that expensive fuel has intensified the financial pressure on households.

“Take measures to reduce the price of petrol across the nation to what it was at the signing of the current national minimum wage in 2024 to cushion the impact of the energy crisis on workers and the masses, as is being done by other nations of the world,” it stated.

The NLC further accused government policies of allowing the high prices to persist, arguing that the situation had enriched a handful of oil marketers while worsening hardship for the wider population.

Tax relief, wage awards

Beyond petrol and wages, the NLC is demanding tax relief for workers as agreed with the government, as well as immediate payment of wage awards to help cushion the impact of rising living expenses.

“These measures are the bare minimum required to alleviate the suffering of Nigerian workers and restore a measure of dignity to their lives,” the communiqué stated.

The labour centre argued that the government could not continue to demand sacrifices from workers while failing to provide relief from the economic pressures confronting them.

Health sector agreement
The NLC also included the implementation of a previous agreement with health-sector unions among the conditions contained in its ultimatum. It demanded implementation of the Terms of Settlement reached with the Joint Health Sector Unions and the Assembly of Healthcare Professionals on February 5, 2026.

The union also wants the Federal Government to implement the demands of the Joint Public Sector Negotiating Council. The NLC did not announce a specific strike date or identify the exact form of industrial action that could follow if the government fails to meet its demands.

Instead, the communiqué states that failure to comply within the two weeks would mean the NLC would be “compelled to take remedial steps as would be directed by the relevant organs.”

The warning puts the government under pressure to respond to a broad set of labour demands covering fuel prices, wages, taxation and outstanding agreements with public-sector and health-sector workers.

The NLC called on its affiliates and progressive allies to remain on high alert and fully prepared to participate in what it described as “decisive efforts” against policies it considers harmful to workers and the wider population.

The labour centre reaffirmed what it described as its historical responsibility to resist all forms of exploitation and oppression, urging Nigerian workers to remain resolute, organised and uncompromising in the pursuit of a fair and equitable Nigeria.