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In July 2026, Tegbe announced that the government intended to phase out electricity subsidies from 2027 as part of efforts to address mounting liabilities and establish a more sustainable electricity market.
The institution attributed the improved performance largely to growth in the services sector, alongside a stronger contribution from agriculture.
The findings come days after the Presidency acknowledged that President Bola Tinubu’s economic reforms pushed more Nigerians into poverty but insisted that the government had made significant progress.
The union warned that failure to meet its demands could trigger further action by the labour movement.
If approved, the facility would increase the project's total World Bank financing from $700 million to $1.2 billion.
Tinubu said current global energy pressures should not push Nigeria back to petrol subsidies, arguing that the country should make greater use of its domestic gas resources.
The committee has been given six weeks to complete its assignment and submit recommendations that are expected to contribute to the Finance Bill 2027.
NOSCEF warns that Nigerians’ patience with worsening hardship should not be mistaken for acceptance.
