{"id":18027,"date":"2017-10-09T16:44:06","date_gmt":"2017-10-09T15:44:06","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=18027"},"modified":"2017-10-09T16:44:06","modified_gmt":"2017-10-09T15:44:06","slug":"oil-workers-planned-strike-cost-nigeria-n150bn-daily-lcci","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/oil-workers-planned-strike-cost-nigeria-n150bn-daily-lcci\/","title":{"rendered":"Oil workers\u2019 planned strike could cost Nigeria N150bn daily \u2013 LCCI"},"content":{"rendered":"

The Lagos Chamber of Commerce and Industry has estimated that Nigeria will lose about N150bn daily if the National Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Workers Senior Staff Association of Nigeria should embark on a nationwide strike.<\/p>\n

Both PENGASSAN and NUPENG had recently vowed to go on a strike if the Federal Government delayed the payment of N800bn subsidy arrears owed to oil marketers.<\/p>\n

The LCCI blamed the Federal Government for the threat by the unions, which according to it, arises from its encouragement of fuel subsidy and control of the petroleum downstream sector.<\/p>\n

In a statement signed by the Director-General, LCCI, Mr. Muda Yusuf, the chamber noted that the fuel subsidy phenomenon had become a recurring distraction in Nigeria\u2019s economic management space.<\/p>\n

\u201cIt is one of the biggest burdens on the finances of government and a major impediment to the progress of the Nigerian economy. It is regrettable that the government has over the years got itself entangled in a problem, which should not have arisen in the first place,\u201d Yusuf stated.<\/p>\n

He recalled that the economy had suffered serial scandals and monumental corruption in the oil and gas sector due to the phenomenon of petrol subsidy.<\/p>\n

He said, \u201cWe have consistently argued that the government should completely decouple itself from the business of importation, refining, transportation and retailing of petroleum products.<\/p>\n

\u201cThis arrangement has created considerable distortions and stagnated private investment in the downstream sector. These are enterprises that the private sector is best suited to manage.<\/p>\n

\u201cGovernment has no business fixing prices and subsidising the players. This model has failed several times over. If anything, it has created a major platform for bleeding the economy.\u201d<\/p>

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The LCCI DG warned that the consequences of the proposed strike by the unions would be severe because of the strategic and critical nature of the oil and gas sector.<\/p>\n

He added, \u201cIt could cause a total shutdown of the economy. It would paralyse the chain of logistics in the economy as economic activities are driven largely by road transportation, both for commuting and freight.<\/p>\n

\u201cIt would impact revenue as the upstream sector would be affected as well. It would impact the power sector, which is largely powered by gas. Many manufacturing firms and other businesses depend on petroleum products as sources of energy and thus the consequences for all the players in the economy would be very grave.<\/p>\n

\u201cThe economy would suffer an estimated N150bn loss daily if the strike goes ahead.\u201d<\/p>\n

For an economy that is just emerging from recession, this is not a good scenario to contemplate, Yusuf said, adding that everything possible should be done to avert the planned strike.<\/p>\n

He added, \u201cThe government should therefore engage the unions and propose a credible payment plan to settle the arrears.<\/p>\n

\u201cGoing forward, the oil and gas sector reforms need to be accelerated to avoid the recurring distraction, which the current model of managing the sector has been creating. It is imperative to speed up the process for the passage of the Petroleum Industry Bill. This would help to normalise the environment in the oil and gas and sector.<\/p>\n

\u201cIt is regrettable that despite the monumental bleeding that the economy has suffered from the subsidy regime, we have not been able to muster the courage to undertake the necessary reforms, especially the very urgent need to put an end to price fixing for PMS. The economy cannot sustain this arrangement.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Lagos Chamber of Commerce and Industry has estimated that Nigeria will lose about N150bn daily if the National Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Workers Senior Staff Association of Nigeria should embark on a nationwide strike. Both PENGASSAN and NUPENG had recently vowed to go on a …<\/p>\n","protected":false},"author":6,"featured_media":18028,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[636,737,2939],"coauthors":[2391],"class_list":["post-18027","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-lcci","tag-muda-yusuf","tag-planned-strike"],"yoast_head":"\nOil workers\u2019 planned strike could cost Nigeria N150bn daily \u2013 LCCI - National Wire<\/title>\n<meta name=\"description\" content=\"The Lagos Chamber of Commerce and Industry has estimated that Nigeria will lose about N150bn daily if the National Union of Petroleum and Natural Gas Work\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/oil-workers-planned-strike-cost-nigeria-n150bn-daily-lcci\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil workers\u2019 planned strike could cost Nigeria N150bn daily \u2013 LCCI - 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