The Trade Union Congress of Nigeria (TUC) has warned that the price of Premium Motor Spirit (PMS), commonly known as petrol, could rise to as high as N2,000 per litre if current economic pressures persist.

The union also proposed a new subsidy framework aimed at strengthening local refining capacity as a way to cushion Nigerians against rising fuel costs.

Rising Global Oil Pressures and Exchange Rate Impact

Speaking during a press briefing in Abuja on Thursday, TUC President Festus Osifo said Nigeria’s fuel pricing trajectory is being shaped by global and domestic economic shocks.

He explained that volatility in global crude oil markets, partly driven by geopolitical tensions involving the United States, Israel, and Iran, has disrupted supply expectations and pushed crude prices higher.

According to him, this has a direct effect on domestic fuel pricing, especially in a deregulated market environment.

Naira Depreciation Worsening Fuel Costs

Osifo also linked rising petrol prices to the continued depreciation of the naira, noting that exchange rate instability significantly increases the cost of imported energy inputs and transportation.

He warned that the combined effect of currency weakness and global oil price fluctuations is intensifying inflationary pressure and reducing the purchasing power of Nigerian workers.

Proposal for Local Refining-Backed Subsidy Model

To address the escalating cost burden, the TUC proposed a targeted subsidy mechanism focused on supporting domestic refining operations.

Osifo suggested that when global oil prices exceed the 2024 budget benchmark of $64.85 per barrel, excess crude revenue should be redirected to stabilise local fuel supply.

He explained that about 60 percent of the windfall revenue typically shared among the federal, state, and local governments should instead be channelled into supporting domestic refineries.

This includes major facilities such as the Dangote Refinery as well as modular refineries operating across the country.

Aim to Stabilise Domestic Fuel Prices

According to the labour union, the proposed model is intended to reduce Nigeria’s exposure to global oil shocks while strengthening domestic energy production capacity.

By cushioning local refiners, the TUC believes Nigeria can achieve more stable fuel pricing and reduce the likelihood of sudden pump price increases.

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Labour unions under the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have suspended their planned protest in Abuja and directed workers in the Federal Capital Territory (FCT) to resume duties immediately.

The announcement came following a late-night conciliatory meeting between the Minister of the Federal Capital Territory, Nyesom Wike, and union representatives. The meeting was convened at the instance of the Chairman of the Senate Committee on FCT, Senator Mohammed Bomoi.

A circular dated February 3, 2026, jointly signed by TUC Secretary General Nuhu Toro and Acting NLC General Secretary Benson Upah on behalf of the Joint Union Action Committee (JUAC), instructed all affiliates to return to work immediately.

According to the circular, the meeting, which began at 11:45 pm and ended at 3:51 am, involved extensive discussions addressing all complaints raised by JUAC members. The FCT Minister assured organised labour of mutual respect and sustained engagement going forward.

The unions confirmed that no worker would face victimisation arising from the recent strike, and all outstanding cases at the National Industrial Court would be withdrawn. The directive aims to preserve industrial peace and ensure uninterrupted public services in the FCT.

The decision follows legal and security concerns over the proposed protest, initially scheduled for Tuesday, February 3. On Monday, the National Industrial Court issued an order restraining NLC and TUC from any industrial action within Abuja, pending the resolution of the dispute. The case has been adjourned to February 10.

FCTA workers had embarked on an indefinite strike on January 19, 2026, over unpaid salaries, promotion arrears, and poor working conditions, affecting activities across several secretariats, departments, and agencies.

Observers noted that with the suspension of the planned protest, workers were seen returning to the FCTA Secretariat by early Tuesday morning, signalling a temporary resolution to the industrial dispute in Nigeria’s capital.

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A national industrial court in Abuja has restrained the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) from carrying out a planned protest in the Federal Capital Territory (FCT), pending the resolution of an ongoing dispute with the Federal Capital Territory Authority (FCTA).

The ruling was delivered by Judge Emmanuel Subilim following an ex parte application filed by the FCT Minister, Nyesom Wike, alongside the FCTA. The court’s decision specifically applies to NLC and TUC leaders, including Benson Upah and Nuhu Toro, as well as law enforcement agencies tasked with maintaining order.

According to the court, the action was necessary to prevent potential disruptions to law and order, obstruction of vehicular traffic, and violations of the rights of residents, expatriates, and tourists within Abuja.

The legal move comes after the FCTA workers began an indefinite strike on January 19, 2026, citing unresolved labour and welfare demands. The strike led to a shutdown of secretariats, departments, and agencies across the territory, prompting the minister to approach the court to restrain further industrial action.

The court highlighted that while workers have the right to industrial action, this right is not absolute. Once a trade dispute is referred to the national industrial court, any ongoing strike must cease pending determination.

Despite earlier instructions from the head of civil service directing all FCTA employees to resume duties immediately, the NLC had called for continued strike action, prompting judicial intervention.

Counsel to the FCT Minister, Ogwu Onoja, emphasized that the planned protest would contravene a valid court order and could further jeopardize public safety and essential services in the capital.

The court’s decision is expected to maintain industrial peace in Abuja while the national industrial court proceeds to hear and determine the underlying labour dispute.

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A new housing estate is set to rise in Ibusa, Oshimili North Local Government Area, following the allocation of 10.1 hectares of land by the Delta State Government to the Federal Mortgage Bank of Nigeria (FMBN).

During a ceremony in Asaba on Tuesday, Governor Sheriff Oborevwori presented the Certificate of Occupancy to FMBN’s management. He explained that the initiative, undertaken in partnership with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), is aimed at expanding access to affordable homes for workers.

To ease implementation, Oborevwori revealed that his administration waived statutory charges worth more than ₦200 million. According to him, the gesture was designed to lower costs and benefit junior and mid-level workers who spend much of their salaries on rent. He urged FMBN to deliver the project swiftly, describing it as a vital step in improving employee welfare.

Appreciation was also extended to President Bola Tinubu, with the governor acknowledging the administration’s encouragement of state federal partnerships on housing development across Nigeria.

Housing Deficit Remains a National Challenge

Across the country, the demand for homes continues to outstrip supply. Data from the Federal Ministry of Housing and Urban Development shows that at least 550,000 housing units are required every year an investment of about ₦5.5 trillion annually for the next decade to close the gap.

Budgetary allocations to the sector remain well below this figure, leaving the Federal Mortgage Bank of Nigeria struggling to match its mandate. The bank’s capital base of ₦2.5 billion has remained unchanged for decades, restricting its capacity to mobilise large-scale financing.

In response, the Federal Government has directed FMBN to deepen collaborations with state governments under the Renewed Hope Housing Campaign. The Delta State project is one such partnership, alongside other developments like the Renewed Hope Estates and Cities Program now springing up in parts of the country.

For many workers in Delta, the Ibusa housing scheme is more than a policy announcement it represents a long-awaited opportunity to transition from costly rent to affordable homeownership.

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A source from the ongoing National Executive Council (NEC) meeting in Abuja confirmed this development.

“The joint NEC meeting of TUC/NLC has approved to relax the industrial action for one week with immediate effect,” the source stated.

The strike, which began on Monday, entered its second day on Tuesday, leading to the grounding of economic activities across the country.

READ ALSO: NLC Opposes CBN Directive on Cybersecurity Levy, Calls for Reversal

The Federal Government had expressed its commitment on Monday to raise the proposed N60,000 minimum wage after a meeting with the leadership of organized labor. Consequently, labor is expected to resume talks with the tripartite committee on a new national minimum wage.

The post NLC and TUC Suspend Minimum Wage Strike for One Week appeared first on Housing TV Africa.

Addressing journalists in Abuja, the TUC President emphasized the need for the government to reassess the value of the naira, suggesting that the currency should return to its previous range of around N450 to N650 against the dollar.

To alleviate the worsening food crisis, the TUC recommended emergency food imports to bridge the gap in food supply.

Rather than joining the nationwide protest organized by the Nigeria Labour Congress, the TUC stated that it would engage further with the government based on the 15-point solutions it had proposed.

Regarding the new minimum wage, the TUC declined to disclose the proposed amount but highlighted that the government had shown seriousness in implementing previous agreements, citing actions such as wage payments and resolution of industry disputes.

READ ALSO: NLC, TUC Begin 14 Days Strike Notice From Friday, 9th February 2024 Over Non Implementation Of 6 Agreements Reached In October 2023

The TUC expressed confidence in the government’s efforts to address issues in the petroleum sector, anticipating the resumption of petrol production at the Port-Harcourt refinery by the end of March and the readiness of other refineries within six months.

Speaking on the depreciation of the naira and its impact on inflation, the TUC criticized the floating exchange rate policy of the Central Bank of Nigeria (CBN), advocating for measures to revalue the currency and determine its true value.

Proposed measures include setting a realistic exchange rate, curbing speculative trading in the foreign exchange market, and encouraging government agencies to prioritize locally-made products.

Furthermore, the TUC urged the government to enhance crude oil production by tackling oil theft and investing in oil and gas production infrastructure.

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By implementing these measures, the TUC believes the government can mitigate inflationary trends, stabilize the economy, and attract foreign investment, ultimately leading to economic growth and development.

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