The Trade Union Congress (TUC) has called on the federal government to stop relying on directives from the International Monetary Fund (IMF) and World Bank and instead focus on developing homegrown solutions to address the country’s economic challenges.
Addressing journalists in Abuja, the TUC President emphasized the need for the government to reassess the value of the naira, suggesting that the currency should return to its previous range of around N450 to N650 against the dollar.
To alleviate the worsening food crisis, the TUC recommended emergency food imports to bridge the gap in food supply.
Rather than joining the nationwide protest organized by the Nigeria Labour Congress, the TUC stated that it would engage further with the government based on the 15-point solutions it had proposed.
Regarding the new minimum wage, the TUC declined to disclose the proposed amount but highlighted that the government had shown seriousness in implementing previous agreements, citing actions such as wage payments and resolution of industry disputes.
The TUC expressed confidence in the government’s efforts to address issues in the petroleum sector, anticipating the resumption of petrol production at the Port-Harcourt refinery by the end of March and the readiness of other refineries within six months.
Speaking on the depreciation of the naira and its impact on inflation, the TUC criticized the floating exchange rate policy of the Central Bank of Nigeria (CBN), advocating for measures to revalue the currency and determine its true value.
Proposed measures include setting a realistic exchange rate, curbing speculative trading in the foreign exchange market, and encouraging government agencies to prioritize locally-made products.
Furthermore, the TUC urged the government to enhance crude oil production by tackling oil theft and investing in oil and gas production infrastructure.
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By implementing these measures, the TUC believes the government can mitigate inflationary trends, stabilize the economy, and attract foreign investment, ultimately leading to economic growth and development.