Labour Urges Tinubu to tackle naira devaluation, rising energy costs and fuel prices

Labour union representatives are urging President Bola Ahmed Tinubu to revisit policies related to currency devaluation and escalating energy prices to alleviate the financial strain on Nigerians and businesses alike.

The appeal took place in Ibadan, Oyo State, at the 6th Quadrennial and 13th National Delegates Conference of the National Union of Shop and Distributive Employees (NUSDE).

Amid the conference, NUSDE’s President, Aminu Megbontowon, expressed concern about the formidable challenges stemming from the existing economic strategies. He stated that the exorbitant energy prices have serious implications on production, services, and workers’ welfare.

Megbontowon expressed concern over the skyrocketing prices of petroleum products, now exceeding N1,000 per liter, and escalating electricity tariffs, rising from N68 to N227. He stressed that these costs are unfeasible, especially for an oil-rich country like Nigeria, where citizens’ purchasing power remains critically low.

He further warned of the rising costs of production and living conditions pushing more Nigerians to poverty, triggering widespread unemployment and the collapse of several enterprises.

He noted that many factories were unable to sell their products, which led to job losses and shutdowns, directly affecting union members.

Megbontowon called for immediate government action, suggesting reversing deregulation policies and reducing energy costs. He also called on the President to halt the devaluation and floating of the Naira, which has rendered imported goods and raw materials unaffordable.

He argued that the Nigerian economy requires cheaper energy, single-digit interest rates, and fundamental infrastructure to bolster production and service sectors.

Megbontowon also encouraged the government to implement a bold industrialization strategy to stimulate economic growth.

Additional demands included significant slashes in electricity and fuel prices, affordable lending rates, and considerable infrastructure investment in roads, refineries, schools, and hospitals to enhance economic productivity and better the living conditions of Nigerians.

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The Labour Union cautioned that failing to address these urgent concerns could lead to further economic decline and increased hardship throughout the country.