As the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Workers Senior Staff Association of Nigeria (PENGASSAN) get set to go on strike, the Lagos Chamber of Commerce and Industry, LCCI has warned that the Nigerian economy is bound to lose over a hundred and fifty billion naira daily if the government go ahead to pay deaf years to the proposed decision reached by the oil workers.
The workers want the government to pay the outstanding debt of 800 billion dollars accrued due to non-payment of subsidy arrears which is meant for oil marketers.
In a statement made by the Director General, Lagos Chamber of Commerce and Industry, LCCI, Muda Yusuf warned that the proposed strike action if embarked upon , will “ impact revenue as the upstream sector would be affected as well. It would impact the power sector, which is largely powered by gas. Many manufacturing firms and other businesses depend on petroleum products as sources of energy and thus the consequences for all the players in the economy would be very grave.
He went ahead to clearly state that “The economy would suffer an estimated N150bn loss daily if the strike goes ahead.”