Address Cash Scarcity Urgently, NLC Tells Nigerian Government
The Nigeria Labour Congress (NLC) has called on the Federal Government to take immediate action to address the persistent cash scarcity plaguing the country, describing the situation as a severe burden on Nigerians.
In a communique issued after the National Executive Council (NEC) meeting held in Owerri, the NLC President, Mr. Joe Ajaero, and General Secretary, Mr. Emmanuel Ugboaja, expressed concern over the exploitative impact of the cash crunch.
“The NEC in-session is deeply worried about the persistent cash scarcity in Nigeria, which has become an unfortunate and exploitative burden on the already struggling populace,” the communique stated.
Ajaero lamented that Nigerians are forced to forfeit five per cent of their funds for access to cash, a situation he described as both unacceptable and detrimental to small businesses and the informal economy.
“The impact of this on small businesses and other informal economy operators is immense, posing a serious disproportionate challenge to the poor, struggling workers, and masses,” Ajaero said.
The NLC urged the Central Bank of Nigeria (CBN) to immediately rectify the systemic failure and ensure the availability of cash to the public, which is essential for small business transactions and overall economic growth.
The labour union also addressed the contentious tax bill currently before the National Assembly, demanding its suspension for broader consultation and engagement with Nigerian workers.
“The politicisation of the bill and the exclusion of key stakeholders are worrisome and undermine its capacity to serve as an effective tool for economic revitalisation,” Ajaero added.
The NLC warned that without urgent intervention, the ongoing cash scarcity and unilateral policymaking could exacerbate the already dire economic situation, further widening the gap between the government and its citizens.
The call by the NLC underscores growing frustrations among Nigerians, who are grappling with economic challenges, including rising inflation and limited access to cash, which has disrupted daily transactions and livelihoods.
