The Federal Government has met with the organised Labour comprising of Trade Union Congress and the Nigeria Labour Congress over the hike in electricity and fuel tariffs.
The meeting was held at the Banquet Hall in Aso Villa, Abuja .
The meeting was convened by the federal government to explain the financial condition of the country and the reasons for the increase in electricity tariff and fuel price.
Solutions to the recurring labour issues with a view to finding an end to incessant industrial actions were also a bone of contention at the meeting.
In attendance at the meeting is the Minister of State for Labour and Employment, Festus Keyamo, the Minister of Works, Babatunde Fashola and the Minister of State for Petroleum, Timipre Sylva.
During the meeting, Minister of State for Petroleum, Timipre Sylva said all is not well with the economy, thereby calling for cooperation to fix the economy
Sylva also noted that subsidy payment is a major source of corruption.
According to the minister, oil prices are low, adding that there is also a cut in production to about 1.412 million barrels per day.
Sylva also revealed that the nation’s major source of income which is oil, reduced by over 50 per cent, maintaining that Nigeria was losing about N1billion daily to subsidy between 2016-2019.
He however also mentioned that despite the deregulation, fuel price in the country is the cheapest in the West African region.
This comes as the labour unions are threatening to down tool over the pump price of petrol and electricity tariff.
They are also complaining of non-implementation of the N30,000 new minimum wage, alleged corruption in government agencies, loss of jobs across the industries, high cost of living and, businesses not booming in the light of the effects of COVID-19.