Nigerian Labour Calls On Tinubu To Revoke Recent Naira Devaluation And Utility Price Increases

Nigerian Labour Calls On Tinubu To Revoke Recent Naira Devaluation And Utility Price IncreasesOrganised Labour has urged President Bola Ahmed Tinubu to reverse policies related to the floating of the national currency and the escalating costs of energy, citing the growing economic hardship faced by both Nigerians and businesses. The appeal 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.

In his speech at the event, NUSDE President Aminu Megbontowon highlighted the severe challenges caused by the current economic policies. “Nigerian workers and businesses are enduring tough times due to some of the policies implemented by this government,” Megbontowon said. “The rising cost of energy has had a devastating impact on production, services, and the welfare of workers.”

He expressed concern over the soaring prices of petroleum products, which have surpassed N1,000 per liter, and the significant increase in electricity tariffs from N68 to N227. Megbontowon emphasized that these costs are unsustainable for an oil-producing nation like Nigeria, especially with the declining purchasing power of citizens.

“The rising costs of production and daily living are pushing many Nigerians into poverty, resulting in job losses and the collapse of businesses,” he warned. “Many factories are unable to sell their products, leading to redundancies and closures, which directly affects our members as workers lose their jobs.”

The NUSDE President called for urgent government action, including the reversal of deregulation policies and a reduction in energy costs. He also urged the President to end the floating of the Naira, which has made imported goods and raw materials unaffordable.

“Nigeria’s economy needs cheaper energy, lower interest rates, and basic infrastructure to support industries. The government must also prioritize industrialization to stimulate economic growth,” Megbontowon said.

Other demands from Organised Labour include cuts in electricity and fuel prices, affordable lending rates, and substantial investments in infrastructure such as roads, refineries, schools, and hospitals to enhance economic productivity and improve the quality of life for Nigerians.

Organised Labour has warned that failure to address these issues could worsen the country’s economic crisis, deepening poverty and increasing hardship across the nation.

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