AGS NEWS – Nigeria may have lost about N148.8bn in oil revenue on Monday due to an industrial strike by the Organised Labour, protesting the Federal Government’s N60,000 minimum wage proposal.

According to the Nigerian Upstream Petroleum Regulatory Commission, Nigeria produces 1,281,478 barrels of crude oil daily.

With Brent crude trading at $78.27 per barrel and the official Central Bank exchange rate at N1,483.5, the revenue loss was significant.

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The strike saw oil workers from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) shutting down oil installations nationwide.

PENGASSAN had instructed its members to block the entrances of all upstream oil installations from Monday, a directive which saw considerable compliance, disrupting production.

PENGASSAN and NUPENG members initiated the strike following directives from their National Executive Councils.

They were urged to shut down all operations in the upstream, midstream, and downstream oil sectors, except for essential safety personnel.

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The unions emphasized the need for an acceptable minimum wage to address the country’s economic challenges and warned of penalties for non-compliance with the strike directive.

The strike, coordinated by both unions under the Trade Union Congress of Nigeria, was a response to the breakdown of minimum wage negotiations with the government.

The unions called for complete withdrawal of services from all work locations, highlighting their deep concern over the government’s failure to address the workers’ economic plight.