Economic Hardship: Nigerians Tired Of Govt’s Rhetorics, Want Action – TUC
The Trade Union Congress (TUC) wants the Federal Government to go beyond promises and get to work to cushion the economic hardships facing Nigerians.
Since assuming office in May, President Bola Tinubu ended the fuel subsidy and also floated the naira, resulting in a tripling of the prices of petrol and a hike in the cost of living.
Although the Federal Government has rolled out plans to cushion the impacts of the moves with several meetings held between it and organised labour, the President of the Trade Union Congress (TUC) Festus Osifo is lamenting the hardship in the country and wants actions to combat it.
He spoke on Friday’s edition of Channels Television’s Politics Today.
Government officials have repeatedly urged Nigerians to be patient over the reforms, which Tinubu says will bring in more foreign investment to 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.
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
