Organized Labour, during a weekend event in Ibadan, Oyo State, called on President Bola Tinubu to reverse the floating of the national currency and reduce energy costs to alleviate the growing hardship in Nigeria.
Speaking on behalf of the National Union of Shop and Distributive Employees (NUSDE), President Aminu Megbontowon emphasized that Nigerians and businesses are enduring severe challenges due to the government’s policies. He pointed out that energy costs have become excessively high, negatively impacting production, services, and workers’ welfare. For instance, he noted that the price of petroleum products exceeding N1,000 is unjustifiable, given that Nigeria is an oil-producing country with a low purchasing power. He also highlighted the rise in electricity tariffs, which has significantly raised the cost of production and services, pushing many Nigerians into poverty. The high cost of living and production has caused many businesses to collapse and resulted in widespread job losses.
Megbontowon urged the federal government to urgently address these issues, emphasizing the need for cheaper energy, low-interest rates, and infrastructure to support economic growth. He specifically called on President Tinubu to reverse policies such as deregulation, petroleum price hikes, and electricity tariff increases. Additionally, he asked the government to halt the devaluation and floating of the Naira, arguing that such measures have made imported goods and raw materials unaffordable. He also urged the President to reduce energy costs and lending rates, foster infrastructure development, and implement a robust industrialization plan to support the nation’s economic growth.
NewsGlobal Reporters