Labour Urges Tinubu to Reconsider Naira Floating Policy and Hikes in Electricity Tariffs and Fuel Prices

Organised Labour has urged President Bola Ahmed Tinubu to reverse economic policies related to the floating of the national currency and the increase in energy costs, highlighting the urgent need to mitigate the economic strain on Nigerian citizens and businesses....CONTINUE READING>>>

This call to action was made during the 6th Quadrennial and 13th National Delegates Conference of the National Union of Shop and Distributive Employees (NUSDE) in Ibadan, Oyo State, as reported.

During the conference, NUSDE President Aminu Megbontowon underscored the severe challenges posed by the current economic measures. He pointed out that the high cost of energy has had a detrimental impact on production, service delivery, and the overall welfare of workers.

“Nigerian workers and businesses are experiencing tough times due to some of the policies implemented by this government. The high cost of energy has severely impacted production, services, and workers’ welfare,” Megbontowon noted.

The NUSDE President specifically criticized the skyrocketing prices of petroleum products, which have surged beyond N1,000 per liter, and the increased electricity tariffs, which have risen from N68 to N227. He argued that such costs are unsustainable for an oil-rich nation like Nigeria, particularly when citizens’ purchasing power is at an all-time low.

Megbontowon warned that these economic pressures are pushing many Nigerians into poverty and leading to widespread job losses and business closures.

“Many factories are unable to sell their products, leading to redundancies and closures. This has a direct impact on our membership as workers lose their jobs daily,” he added.

He called for immediate government intervention to reverse deregulation policies and reduce energy costs. Additionally, he urged President Tinubu to end the devaluation and floating of the Naira, which has rendered imported goods and raw materials prohibitively expensive.

Megbontowon emphasized that Nigeria’s economic growth requires affordable energy, single-digit interest rates, and robust infrastructure to support both production and service industries. He also advocated for a comprehensive industrialization plan to drive economic expansion.

Further demands from Organised Labour include significant reductions in electricity and petroleum prices, more accessible lending rates, and increased investment in essential infrastructure such as roads, refineries, schools, and hospitals. These measures, they argue, are vital to enhancing economic productivity and improving the living standards of Nigerians.

Organised Labour has cautioned that failure to address these critical issues could result in further economic decline and exacerbate the hardships experienced nationwide.