The Nigeria Labour Congress (NLC) has momentarily shelved a planned nationwide strike after a marathon meeting with the federal government.
The strike and protests against hikes in petrol price and electricity tariff were supposed to kick off on Monday, September 28.
However, hours after midnight, a truce was reached between organised labour and the federal government.
New electricity prices will now be suspended for two weeks.
Minister of State for Labour and Employment, Festus Keyamo says: “federal government and labour reach agreement at 2:53am.
“Deregulation to stay as government rolls out palliatives for labour (details in 2 weeks); Electricity tariffs suspended by govt for 2 weeks with a joint committee headed by @fkeyamo to examine the justification for the new policy.
The federal government had said it can no longer afford to pay for petrol subsidy, which amounts to close to a trillion Naira annually; and that it no longer makes economic sense to subsidise a privatised power sector.
A deregulated petroleum industry means that the price of gasoline at the pumps will be determined by market forces and international price of crude.
Petrol had gone from N145/liter to N162/liter in the first week of September, amid worsening economic conditions for Nigerians, no thanks to the coronavirus pandemic.