The Federal Government on Tuesday met with the organised Labour over the hike in electricity and fuel tariffs.
The meeting called by the Minister of Labour, Chris Ngige with the Trade Union Congress (TUC) and the Nigerian Labour Congress in attendance held at the Banquet Hall of the Presidential Villa in Abuja.
The meeting which is at the directives of President Muhammadu Buhari is to discuss solutions to the recurring labour issues with a view to finding an end to incessant industrial actions.
In attendance at the meeting is the Minister of State for Labour and Employment, Festus Keyamo, the Minister of Works, Babatunde Fashola and the Minister of State for Petroleum, Timipre Sylva.
This comes as the labour unions are threatening to down tools over the pump price of petrol and electricity tariff.
They are also complaining of non-implementation of the N30,000 new minimum wage, alleged corruption in government agencies, loss of jobs across the industries, high cost of living and, businesses not booming in the light of the effects of COVID-19.
The labour unions and their civil society allies are meant to commence an indefinite industrial action and national protest from Wednesday, September 23.
On his part, the Minister of State for Petroleum said he minister of state for petroleum said all is not well with the economy, calling for cooperation to fix the economy
While making a presentation on the topic, “Understanding the importance of fuel subsidy on the Nigerian Economy and the gains of deregulation,” Sylva noted that subsidy payment is a major source of corruption.
According to the minister, that prices are low, stressing that there is also a cut production to 1.412 million barrels per day.
Sylva who stressed that the nation’s major source of income which is oil reduced by over 50 percent maintained that Nigeria was losing about N1billion daily to subsidy between 2016-2019.
Prior to this time, the country was losing about 3.7 billion naira daily.
Speaking further, he explained that despite the deregulation, fuel price in the country is the cheapest in the West African region.
He added that subsidy cost the government N2. trillion in 2011, N1.3trillion in 2013.