The main labor union federations in Nigeria have agreed to pursue negotiations with the government and have delayed a statewide strike in protest of the growing cost of living.

The main problem is the withdrawal of the gasoline subsidy by President Bola Tinubu.

The government had until Wednesday to change its mind on the subsidies, according to the unions.

The unions organized marches in cities all throughout the nation on Wednesday as the authorities refused to budge.

But according to a statement from the Nigerian presidency, the unions have now consented to further negotiations.

"Consequent upon the fruitful and frank discussion with President Tinubu and their confidence in his ability to encourage open and honest consideration of all the issues put forward by the labour movement, the labour leaders resolved to stop further protest," it said.

The Reuters news agency is quoting the Nigeria Labour Congress as saying that it had "decided for a return to a new and reinvigorated dialogue process".

Since taking office as president in May, Mr. Tinubu has started a number of economic reforms.

He claimed that by eliminating the gasoline subsidy, which cost the government $10 billion (£8 billion) last year, the government will be able to allocate more funds to specific programs that benefit the less fortunate.