If oil workers decide to embark on strike as they have threatened, Nigeria’s economy will bleed, losing at least 150 billion naira every day.

This calculation was done by the Lagos Chamber of Commerce and Industry.

Both PENGASSAN and NUPENG had recently vowed to go on a strike if the Federal Government delayed the payment of 800-billion-naira subsidy arrears owed to oil marketers.

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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 activities in the retail segment of the petroleum industry in Nigeria.

The LCCI's Director-General, Muda Yusuf, noted that the fuel subsidy phenomenon has become a recurring distraction in Nigeria’s economic management space.

“It 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,” Yusuf stated.

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