Statement from LP Governorship Aspirant Ogbemudia Bassey Osagie on Fuel Subsidy Removal and Economic Implications

Ogbemudia Bassey Osagie, a governorship aspirant under the Labour Party (LP), expresses deep concern over the recent decision by President Ahmed Bola Tinubu to remove fuel subsidy, leading to an immediate surge in petrol prices across the country. The sharp increase in fuel prices has had a cascading effect on transportation costs and the prices of essential commodities, causing undue hardship for Nigerians.

President Tinubu’s announcement of the removal of the fuel subsidy, while aimed at addressing economic challenges, has unfortunately resulted in a significant burden on the citizens, particularly affecting the cost of living and access to essential services. The sudden spike in fuel prices has led to an increase in transportation costs, subsequently impacting the prices of foodstuff and other basic necessities.

Osagie acknowledges the efforts made by the government to mitigate the adverse effects of the subsidy removal by initiating a committee to provide financial support to vulnerable households. However, he notes the criticism and concerns raised about the adequacy and effectiveness of the proposed N8000 monthly payment to 12 million poor households for six months.

In response to the outcry and dissatisfaction, President Tinubu has indicated a willingness to review the relief measures. Ogbemudia Bassey Osagie emphasizes the importance of a comprehensive and sustainable approach to address the economic challenges faced by the Nigerian people.

The LP governorship aspirant sympathizes with the Labour Unions in Nigeria, including the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), who have voiced their dissatisfaction with the fuel price hike. The unions argue that the burden of economic policies should not disproportionately fall on the shoulders of the poor and vulnerable in society.

Osagie calls for a collaborative and inclusive approach to addressing economic challenges, with a focus on policies that prioritize the well-being of the citizens. He emphasizes the need for transparent and consultative processes that take into account the concerns and welfare of the Nigerian people.

As a governorship aspirant, Ogbemudia Bassey Osagie reiterates his commitment to advocating for policies that promote economic stability, alleviate the suffering of the people, and ensure a better quality of life for all residents of Edo State.

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