Labor unions in Nigeria suspended a nationwide strike planned for Monday against hike in petrol prices and electricity tariffs, following reaching an agreement with the government, local media reported.

In a meeting that continued until the wee hours of Monday, the two sides agreed to suspend the application of the cost-reflective electricity tariff adjustments for two weeks, and to “reduce the overdependency on importation of petroleum products to ensure energy security,” according to The Punch local news website.

However, the price of petrol will remain unchanged, according to Nairametrics local website.

“All parties agreed on the urgency for increasing the local refining capacity of the nation to reduce the overdependency on importation of petroleum products to ensure energy security, reduce cost of finished products, increase employment and business opportunities for Nigerians,” The Punch quoted the communique as reading.

The agreement also handled housing needs of the labors.

“On Housing, 10 per cent to be allocated to Nigerian workers under the ongoing Ministry of Housing and Finance initiative ,” the communique was quoted as reading.

Trade Union Congress’ President Quadri Olaleye told The Punch: “We signed a document to suspend the action for two weeks for the government to implement those things that we agreed in the agreement. So, we are suspending [the strike] for two weeks.”

Copyright 2022 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.