Review some of your economic policies, they’re inflicting hardship on us — Workers beg President Tinubu
The Nigeria Labour Congress (NLC) has urged President Bola Tinubu to review some of the policies of his government to reduce the hardship in the country.
The NLC said the removal of petrol subsidy, naira devaluation and other economic decisions of the government had contributed to inflation, reduced purchasing power, and led to job losses.
It also identified the expansion of foreign exchange allocation and the cash crunch as some of the government policies that posed challenges for citizens.
The organisation said a holistic overhaul of these policies was essential to make them more effective and sustainable.
President of the NLC, Joe Ajaero said this on Thursday at the 21st Daily Trust Dialogue held at the Nigeria Airforce Conference Center Abuja with the theme: “Tinubu’s Economic Reforms: Gainers and Losers.”
The NLC President said that any reform of the government that does not deliberately reduce the cost of governance in Nigeria by at least 50 per cent was deceptive.
Ajaero said: “Thus far, the economic policies of the Tinubu administration, largely driven by neoliberal principles, have sparked mixed reactions. While some measures may attract foreign investment and provide immediate fiscal relief, they come with significant socio-economic consequences.
“The removal of petrol subsidy, Naira devaluation, and other measures contribute to inflation, reduced purchasing power, and job losses. The expansion of foreign exchange allocation and privatization efforts may benefit specific groups, but historical precedents raise concerns about their long-term success. The cash crunch, whether intentional or not, poses challenges for citizens. A holistic overhaul of these policies is essential to make them more effective and sustainable.
“We urge the government to review some of its policies and seek creative ways to reduce the hardship on the growing army of the poor in Nigeria, support Micro, Small and Medium Enterprises, boost agricultural sector, take deliberate steps to encourage cottage industries dotting the nation’s landscape, pay workers a living wage to encourage productivity, provide incentives for struggling businesses in the organized private sector, get the publicly owned domestic refineries working to provide cheaper Petroleum products, pursue the CNG alternatives, increase budget effectiveness, grow the domestic economy and purge itself of the growing number of corrupt public officials by ensuring that there is consequence for every act of the breach of public trust.
“Our nation is in dire straits and it is only by the leadership exhibiting more patriotism and thinking more of the citizens that they can craft policies that will lift our nation out of the doldrums. The world Bank as unreliable as their data is on developing nations has predicted a 3.3% growth in our economy this year.
“We just hope it is real growth and not that which is driven by the devaluation of the Naira. However, we can grow faster than this if we learn as a nation to put our food where our mouth is. Listening to the IMF and World Bank has never helped us and will never help us.
