Adams Oshiomhole, a former governor of Edo State and current Senator-elect, has stated that the Federal Government is unlikely to reverse the current petroleum pump price of N488 and N557 per litre to N194.
Oshiomhole made this statement during an appearance on Channels Television on Sunday, explaining that the 2023 budget does not allocate funds for fuel subsidy beyond May 31st.
Expressing support for President Bola Tinubu’s decision to remove the subsidy, Oshiomhole mentioned that other presidential candidates, including Peter Obi, Atiku Abubakar, and Bola Tinubu, had also advocated for subsidy removal during the election campaign.
Oshiomhole emphasized that the issue is not just about revenue but also about the potential savings of approximately N7 trillion that can be redirected to other sectors. These savings would go into the federation account and be distributed among the three tiers of government.
In the meantime, the Trade Union Congress (TUC) has called on the federal government to revert to the previous petrol pump price of N194 per litre while continuing negotiations regarding the recent price increase.
The TUC also urged the government to review the current minimum wage in order to mitigate the impact of the removal of petrol subsidy on Nigerians. These demands were made during a reconvened meeting with the government held at the State House in Abuja on Sunday evening.