The Trade Union Congress (TUC) demands that the federal government fulfil its commitments and begin taking action to lessen the financial hardships that Nigerians are experiencing.
The cost of living has increased and petrol prices have tripled since President Bola Tinubu took office in May. He also ended the fuel subsidy and floated the naira.
Festus Osifo, the president of the Trade Union Congress (TUC), is bemoaning the hardship in the nation and calling for action to counteract it, despite the fact that the federal government has implemented plans to lessen the effects of the actions and that it has met with organised labour on multiple occasions.
Last night, he was on Channels Television.
“As a typical Nigerian, one of the things you do with your money is on is actually food. The government must do something,” the TUC chief added.
“There has been a lot of talk about how we’ve declared a food security emergency. On topics similar to these, there have been numerous summits and meetings. Nigerians have had enough of summits, meetings, and platitudes. The price of goods in the market today has completely skyrocketed.
In response to the removal of subsidies, Labour and the federal government came to an agreement regarding the rising cost of living. However, the TUC and the Nigeria Labour Congress (NLC) have given the government until today to carry out its half of the bargain.
Government representatives have advised Nigerians to wait patiently for the reforms, which Tinubu claims will attract more foreign investment, in light of the current hardship in Africa’s largest economy.
But the short-term impact is hitting Nigerians hard: Inflation was at 28.92 percent in December, with food costs at 33.93 percent, according to the National Bureau of Statistics (NBS).
The naira currency has fallen swiftly against the US dollar since the government ended a multi-tier exchange rate system and freed up the local currency.
Before the reforms, the naira was trading at around 450 to the dollar, but on Monday it was trading at 1,400 to the dollar.
In the heat of the prevailing hardships, Nigerians have taken to the streets in Kano, Niger, and Osun states, asking the government to ameliorate their plight. The federal government has also waded into the matter with Tinubu ordering the release of 42,000 metric tons of grains from strategic reserves.