Labour Urges Tinubu to Reverse Naira Floating, Energy Costs Amid Rising Hardship
Organized Labour, under the National Union of Shop and Distributive Employees (NUSDE), has called on President Bola Tinubu to reverse the floating of the naira and address surging energy costs to alleviate the worsening economic hardship in Nigeria.
Speaking during the 6th Quadrennial and 13th National Delegates Conference of the union in Ibadan, Oyo State, NUSDE President Aminu Megbontowon highlighted the severe impact of current government policies on workers, businesses, and the economy.
“Nigerian workers and businesses are struggling under the weight of provocatively high energy costs and the consequences of naira devaluation,” Megbontowon stated. “Petroleum prices above ₦1,000 per litre are unjustifiable in an oil-producing country, and electricity tariffs have risen from ₦68 to ₦227, pushing the cost of living and production beyond the reach of most Nigerians.”
Hardship and Job Losses
Megbontowon warned that rising energy costs and inflation have crippled production, reduced purchasing power, and led to widespread job losses.
“Many factories cannot sell their products, resulting in business closures and redundancies. Every day, we lose union members due to layoffs caused by these economic conditions,” he said.
He emphasized the urgent need for cheaper energy, lower interest rates, and improved infrastructure to support industries and revive the economy.
Labour’s Demands
NUSDE outlined key demands for the federal government:
- Reversal of energy cost hikes: End deregulation policies that have increased petroleum and electricity prices.
- Stabilization of the naira: Halt the floating and devaluation of the national currency to make imports and raw materials affordable.
- Lower lending rates: Reduce interest rates to single digits to encourage investment and access to credit.
- Massive infrastructure investment: Prioritize public infrastructure such as electricity, refineries, roads, schools, and hospitals.
- Industrialization: Implement an ambitious plan to boost industrial growth and diversify the economy.
Megbontowon urged President Tinubu to adopt these measures urgently to stem inflation, stabilize the economy, and improve the welfare of workers and businesses.
“The government must act decisively to reduce energy costs, strengthen the naira, and invest in critical infrastructure to secure Nigeria’s economic future,” he said.
The union’s concerns echo the broader frustrations of Nigerians grappling with skyrocketing living costs and shrinking incomes. With the pressure mounting, the administration faces increasing calls to rethink its economic policies.
