The Trade Union Congress (TUC), has attributed the prevailing high cost of petrol primarily to the devaluation of the naira, rather than the removal of the petrol subsidy in May 2023. TUC President, Festus Osifo, who made the submission during an interview on Channels TV, Politics Today show, argued that petrol would have been selling at around N350 per litre if the naira had not been devalued, noting that “the ultimate elephant in the room is devaluation.” Osifo said the current official exchange rate of N1,600/S is unsustainable and has…
Read MoreFuel Price Hike: Blame Exchange Rate Crisis Not Subsidy Removal – TUC Declares
