TUC seeks concessionary FOREX rate for oil marketers

The Trade Union Congress (TUC) has appealed to the Federal Government to allow oil marketers to purchase foreign exchange directly from the Central Bank of Nigeria (CBN) at concessionary rate as a special intervention arrangement.  In a communique issued at the end of its national executive council meeting held in Lagos at the weekend, TUC […]

The Trade Union Congress (TUC) has appealed to the Federal Government to allow oil marketers to purchase foreign exchange directly from the Central Bank of Nigeria (CBN) at concessionary rate as a special intervention arrangement. 

In a communique issued at the end of its national executive council meeting held in Lagos at the weekend, TUC noted that by so doing, fuel prices would be kept at their current levels and more participants would be encouraged to participate in the downstream sector of the economy. 

The TUC, in the communiqué read by its president, Bobboi Bala Kaigama, urged the Federal Government to begin immediate payment of all outstanding subsidy claims by petroleum marketers under the PPPRA-administered Petroleum Support Fund (PSF) to avoid consequential job losses. 

“The NEC-in-session after deliberation resolved that the current situation in which the NNPC is the sole provider of fuel to the nation and absorbing subsidies is not healthy for the nation and the corporation. Consequently, TUC advises government to reimburse the NNPC so as to enable it to perform its primary obligation to the country. These delays are also stopping the payment of wages/salaries in the downstream sector in a scary dimension which must not be allowed to degenerate further,” the union said.

The union also called on the governors owing workers to pay and not divert public funds and workers’ salaries for election purposes.  

On the minimum wage, the union commended the Federal Government for the setting up the Minimum Wage Committee and implored the committee to speed up proceedings to ensure that a new minimum wage took effect not later than the agreed third quarter of the year.