The Nigerian Labour Congress, yesterday rejected the proposed hike in pump price of fuel to N340 per litre next year.
Labour cautioned that an increase in the price of petrol will lead to hyper-inflation and rise in the cost of goods and services.
Also, the trade union said talks over petrol subsidy with the government were inconclusive.
NLC in a statement by its President Ayuba Wabba, reiterated its rejection of deregulation based on an import-driven model.
The NLC described the plan of the Federal Government to give N5,000 each to 40 million citizens to cushion the effects as “comical”, saying the amount involved in the “queer initiative” exceeds what is spent on fuel subsidy.
Also yesterday, the Senate said there was no budgetary provision for such palliative intervention.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the Federal Government has not taken a final decision on N5,000 disbursement.
Labour urged the Federal Government to fix the four refineries and make them work.
