THE Trade Union Congress (TUC) is urging the Federal Government to move beyond mere promises and take concrete actions to alleviate the economic difficulties faced by Nigerians.
Since President Bola Tinubu came into office in May, he has removed the fuel subsidy and allowed the naira to float, resulting in a threefold increase in petrol prices and a rise in the overall cost of living.
Despite the government’s efforts to mitigate the impact of these decisions through discussions with organized labor, TUC President Festus Osifo has expressing concern about the hardships in the country and is calling for proactive measures to address them.
Speaking on today a recent episode of Channels Television’s Politics Today, Osifo emphasized the need for government action, particularly in the realm of food security, given the significant rise in market prices.
While labor had previously reached an agreement with the government regarding the escalating cost of living following the subsidy removal, both the Nigeria Labour Congress (NLC) and the TUC have issued an ultimatum to ensure that the government upholds its end of the bargain.
In response to the ongoing hardships, government officials have urged Nigerians to be patient, highlighting the potential for increased foreign investment as a result of the reforms.
However, according to the National Bureau of Statistics (NBS), the immediate impact has been challenging for Nigerians, with inflation reaching 28.92 percent in December and food costs soaring to 33.93 percent.
The naira’s value has rapidly declined against the US dollar since the government eliminated a multi-tier exchange rate system and allowed the local currency to float. Prior to the reforms, the naira was trading at approximately 450 to the dollar, but it has since plummeted to 1,400.
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