DTSG Raises Alarm on Inflation Surge and Increased Living Costs Following Subsidy Removal

By Oreva Omojefe

Delta State Government (DTSG) has said the removal of fuel subsidy by the Federal Government has had far reaching consequences on the economy by fueling high inflation rate and increasing cost of living in the country.

The state governor, Rt. Hon. Sheriff Oborevwori, stated this during a two-day workshop by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Warri Zone, held in Asaba.

The theme of the workshop is “The Impact of Fuel Subsidy Removal on the Nigerian Economy: Challenges before Union Leaders.”

Represented by the Commissioner for Oil and Gas in the state, Chief Vincent Oyibode, Governor Oborevwori reiterated the need for more fundamental and sustainable policies to foster economic growth and prosperity to alleviate the suffering of the people.

“It is believed that the government could invest in other critical sectors of the economy that will put the economy on the path of recovery and growth,” he added.

He said the state government approved the payment of #10,000.00 to each worker in the state public service for three months to cushion the hardship on people as a result of the policy of fuel subsidy removal in the country.

Oborevwori urged PENGASSAN to implement a monitoring and evaluation unit that would report the way the Federal Government was utilising the gains of the subsidy removal, stressing that it would ensure that the federal government demonstrated utmost transparency and accountability in the management of resources available to it.

He said “as senior staff in the oil and gas sector, your union should serve as a watchdog to ensure that the gains of the subsidy removal are spent judiciously.”

He added that Delta State was peaceful for investment, adding that his administration would continue to create the enabling environment for businesses to thrive.

Warri Zonal Chairman of the union, Comrade Jeli Nwanagum, in his address said the removal of fuel subsidy had led to loss of employment opportunities and a decline in the standard of living in the country.

Nwanagum stated that the Federal Government needed to implement policies that would promote economic growth and development.

“As a union, we must be prepared to advocate for policies that promote a fair and equitable distribution of benefits of economic growth.

“We must be united in our efforts to protect the rights and interest of our members,” he said.