The planned nationwide strike by labour unions in the country has been suspended for now.
The federal government and labour unions have reached an agreement over the hike in the pump price of fuel and electricity tariff.
The announcement was made by the minister of state, labour, and employment, Festus Keyamo.
The strike was suspended after the federal government reached an agreement with the unions following negotiations that stretched to 2:53 am on Monday morning.
The minister of state, labour, and employment, Festus Keyamo tweeted that as part of the negotiations, the government will suspend the electricity tariff hike for two weeks pending, when a committee set up would examine the justifications for the new policy.
He, however, disclosed that the total deregulation in the downstream sector remains, adding that palliatives would be offered to Nigerian workers to cushion the effects of burden.
Keyamo said he will head the committee that will be set up to examine the justifications for the electricity tariff hike. The minister also released copies of a signed communiqué which contained the full details of the agreement reached with the unions.
Before the agreement between the federal government and labour was announced, it had been reported that the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) reluctantly accepted deregulation as a policy. According to the Guardian, their decision was influenced by petrol marketers, tanker owners and other stakeholders.
