The party is taken aback by the immediate impact of this decision, as less than 24 hours after assuming office, Nigerians woke up to a drastic increase in petrol prices, reaching N600 per litre and soaring to N750 per litre in the black market.
The LP warns Nigerians to prepare for more anti-people policies from the ruling All Progressives Congress (APC) government.
In a statement released by Obiora Ifoh, the Abure-led NWC National Publicity Secretary, on Tuesday in Abuja, the Labour Party expressed its disappointment.
While the party had campaigned on a promise to end the subsidy regime, it did not anticipate that the removal would be announced through a presidential fiat without first considering measures to mitigate its impact on the people.
Ifoh highlighted the immediate consequences of the subsidy removal, stating, "As we speak now, the queues are back again and Nigerians will, as was the case in the previous administration, begin to keep vigils in the filling station to get just a few litres of petrol."
He further noted the subsequent price hikes in transportation fares across the country and the resurgence of product hawkers dominating the market.
Drawing a comparison, Ifoh likened the situation to the story of Pharaoh from ancient times, where a new leader imposed heavier burdens on the people. He criticised President Tinubu's first executive proclamation, describing it as an infliction of pain on Nigerians rather than a demonstration of leadership.
During their campaign, the Labour Party had proposed ending the subsidy regime, but with the condition that necessary policies and actions would be implemented gradually.
They emphasised the importance of stakeholder input, particularly from labour unions, and acknowledged the need for refinery recalibration to optimise functionality.
The sudden removal of the subsidy through a presidential fiat caught the nation by surprise and has sparked widespread criticism. The Labour Party warns Nigerians to brace themselves for further shocks and surprises in the days to come, as the government's actions continue to impact the lives of the citizens.
Labour Party strongly condemns President Tinubu's unilateral decision to remove the subsidy without consulting stakeholders, especially the labour unions. They argue that this decision has instantly plunged Nigerians into further hardship. The party has also noted the closure of filling stations and depots, with operators citing a lack of clarity in the execution of the policy.
In response, the Labour Party calls on the government to urgently reevaluate the policy and develop more practical plans for subsidy removal that do not jeopardise the peace of the nation.
They urge various unions, social activists, and Nigerians at large to remain vigilant and ensure that democracy is not undermined in any way.
As Nigerians grapple with the immediate consequences of the fuel subsidy removal, there is growing concern about the long-term effects on the economy and the welfare of the people.
The LP's call for a reevaluation of the policy highlights the need for comprehensive and inclusive decision-making processes that prioritise the well-being of the citizens.
The coming days and weeks will be crucial in determining the response of the government and the level of engagement between stakeholders. The impact of the subsidy removal on various sectors of the economy, including transportation, manufacturing, and agriculture, will be closely monitored.
Nigerians will be watching closely to see how President Tinubu's administration addresses the concerns raised by the Labour Party and whether they take steps to mitigate the hardships faced by the citizens.
The role of civil society organisations, unions, and activists in holding the government accountable and advocating for the best interests of the people will be pivotal during this period of transition and policy adjustment.
The Labour Party's call for vigilance and protection of democracy resonates with the core values of Nigerian society. It serves as a reminder that the voice of the people should not be silenced, and their well-being should remain at the forefront of any policy decisions made by the government.