The Trade Union Congress of Nigeria (TUC) has blamed the economic hardship being faced by some Nigerians on the volatility in the Forex market, urging the federal government to take bold measures to shore up the naira to between ₦900 and ₦1,000 to the United States dollar. Africans & the Diaspora
The Union said the Central Bank of Nigeria has the prerogative to strengthen the naira as a way of delivering succour to Nigerians thru food and commodities prices reduction, Daily Independent reported.
The TUC President-General, Comrade Festus Osifo, made the suggestion in Abuja yesterday, while speaking to media on the State of the Nation, especially on inflationary tendency, insecurity and other challenges impacting workers.
Osifo decried the massive undervaluation of the Nigerian currency at ₦1,380 and the fact that it had not brought equal relief to Nigerians at the microeconomic level.
“Dollar to naira has stabilised at about N1,380 today. But the Trade Union Congress of Nigeria says this is still quite high. “We still believe that our naira is undervalued,” he remarked.
The fair value of the naira based on purchasing power parity and other assessments by international and domestic economic organisations might be about ₦900 to ₦1,000 to the dollar,” he said.
“We strongly believe that the fair value of our naira as explained by all agencies, as explained by all economic think tanks, including the World Bank and IMF, including the government of CBN, we know that the fair value of our naira using purchasing power parity could be somewhere around 900 naira, maximum 1,000 naira to a dollar,” Osifo said.
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He stated that while inflation and the exchange rate have relatively steadied, workers, traders and other Nigerians are not feeling the impact in terms of costs of goods and services they battle with on a daily basis. African & Diaspora
“Economists know the macroeconomics. The bourgeoisie knows this. But for the talakawas, for the labourers, for the shopkeepers, all that they associate with are the concerns that are bordering on the microeconomy,” he said.
Osifo explained that the prolonged weakness of the naira was one of the primary factors militating against the stability of the macroeconomy translating to lower prices in the markets.
He said almost everything produced and consumed had a dollar component, including imported commodities, fertiliser and other agricultural inputs, suggesting that currency devaluation will eventually flow thru to prices paid by consumers.
“If they are imported products, the value of everything is reflected devaluation, more so,” he remarked.
Osifo also questioned why some members of the political elite were against the development of state policing apparatus, saying that the moment was right to institutionalise it.
He maintained that Nigeria was at war and that was the reason State Police should be on the front burner for administration that really care about the welfare of residents.
The head of TUC said certain politicians were telling the federal government not to fast track state Police till after the 2027 general elections as some governors could hijack it for selfish motives.
He advised the Executive to lobby the Legislature if it looks like there are obstacles bedevilling its creation.
“There is still insecurity. If you remember, we have been pushing for state police. “Today the conversation is ripe and we learnt that there is a deal with the National Assembly today talking about state police.
“But all we are saying is that government should not drag. We also hear that because of the coming election, there are those groups that are genuinely saying, well, government, don’t fast-track the subject of state police. We have asked them, why do we not want state police to be fast-tracked? “All we have heard over the years is that politicians are going to pit it against each other. Elections and Campaigns
We have asked the question, these politicians, what are their numbers? When you add together all the Nigerian politicians they are less than 0.1% of the Nigerian population. So how do we let 99.99% of the Nigerian people suffer because of less than 0.1% of the Nigerian people? That is not reasonable. Government must undertake things that will affect the majority of people.
“You have to do good looking at the larger number of people that’s going to be affected. And therefore, for us, we think state police is ripe. We believe the moment has come for state police.
“We know that this government with their relationship with the National Assembly, we know that there is no bill that they want to pass that they will not pass within 48 hours. We know they have what it takes because the National Assembly is APC. The administration at the center is APC too.
In every region of the world, things go as easy as possible when the legislative arm has majority and the party at the center likewise reflects that party that has a majority in the legislature. And we know it has been shown since 2023. And when Buhari is there, if this government or if the APC government wants to get things done in the National Assembly, they have what it takes to get it done.
“So we are calling on the government not to relent, not to listen to the people who are making those advocacy that the state police will be used against, politicians will use it against themselves. We don’t really mind that. “What we are concerned about is what will protect over 99% of Nigerians.
That is why we are pushing the government to fast speed the bill in the National Assembly. Get 24 states to likewise approve bill in their majority so state police will become founded. Send similar bill to state. People have asked for money for those state police.
“What we have asked is, Nigeria is at war today. You can’t start talking about creating hospitals, building roads when a nation is not secure. Today in Ukraine, nobody in Ukraine is even talking about how many hospitals you are going to build? Because they are under a state of emergency.
“They want security, that’s all. And this has to be handled like that. All government must use technology outside state police.
“We have talked about this time and again, and we will not weary of discussing it, because we are discussing the lives of Nigerians. “The government needs to do everything within its limits to deploy the right technology, to deploy the right equipment to be able to curb these issues that are bothering, on insecurity in Nigeria”.
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