The Nigerian Workers Group (NWG) on Monday urged the Federal Government of Nigeria to establish a special purpose fund project for the administration of the monthly savings resulting from the removal of subsidies.
The group, which represents the interests of hardworking Nigerian employees across various sectors, stressed that such a fund would ensure transparency, probity, and the proper allocation of funds for the benefit of the Nigerian people.
In a press statement issued in Ilorin, the President of the group, Dr. David Ehindero drew attention to the positive impact of the late General Sani Abacha’s Petroleum Trust Fund (PTF). “The PTF was a commendable initiative that greatly benefited the health sector, agriculture, and other vital sectors of the economy. By following this successful precedent, we believe that the Nigerian Government, led by President Bola Ahmed Tinubu, has a unique opportunity to demonstrate its commitment to the welfare of its citizens.
“The removal of subsidies has undeniably imposed a heavy burden on the Nigerian populace. The increased cost of living and reduced spending power are adversely affecting the lives of millions of Nigerians, including the hardworking labor force. NWG recognizes that the administration of the subsidy savings should prioritize the welfare and well-being of the people, ensuring that the funds are allocated efficiently and effectively”, the statement said.
NWG, however, called on President Bola Ahmed Tinubu to champion transparency and probity in the administration of the subsidy savings.
“It is crucial that the Nigerian Government provides a clear framework for the utilization of these funds, with a focus on key areas such as healthcare, education, infrastructure development, and job creation. NWG believes that responsible management of these resources will alleviate the burden on Nigerian workers and enhance the overall quality of life in the country.
“NWG also encourages the Nigerian Government to engage in open dialogue with relevant stakeholders, including labor unions and civil society organizations, to ensure broad-based participation and representation in the decision-making process. By working together, we can establish a sustainable and equitable system that addresses the pressing needs of the Nigerian people.
“NWG remains committed to advocating for the rights and welfare of Nigerian workers and stands ready to support the government’s efforts to establish a special purpose fund for subsidy removal savings. We urge President Bola Ahmed Tinubu and the Nigerian Government to act swiftly and decisively to alleviate the financial strain on the Nigerian populace and improve the standard of living for all citizens”, the statement added.