The strike and protests against hikes in petrol price and electricity tariff were supposed to kick off on Monday, September 28.
However, hours after midnight, a truce was reached between organised labour and the federal government.
New electricity prices will now be suspended for two weeks.
Minister of State for Labour and Employment, Festus Keyamo says: “federal government and labour reach agreement at 2:53am.
“Deregulation to stay as government rolls out palliatives for labour (details in 2 weeks); Electricity tariffs suspended by govt for 2 weeks with a joint committee headed by @fkeyamo to examine the justification for the new policy.
The federal government had said it can no longer afford to pay for petrol subsidy, which amounts to close to a trillion Naira annually; and that it no longer makes economic sense to subsidise a privatised power sector.
A deregulated petroleum industry means that the price of gasoline at the pumps will be determined by market forces and international price of crude.
Petrol had gone from N145/liter to N162/liter in the first week of September, amid worsening economic conditions for Nigerians, no thanks to the coronavirus pandemic.