Organized Labour, in a weekend gathering in Ibadan, Oyo State, called on President Bola Tinubu to reverse the floating of the national currency and the rising costs of energy to alleviate the worsening economic hardships facing Nigerians.
Speaking at the 6th Quadrennial and 13th National Delegates Conference of the National Union of Shop and Distributive Employees (NUSDE), President Aminu Megbontowon highlighted the severe difficulties businesses and workers are experiencing due to the government’s recent policies.
“Nigerians and businesses are enduring tough times because of these policies,” said Megbontowon. “Energy costs are extremely high, negatively impacting production, services, and workers’ welfare. For example, there is no justification for petrol prices to exceed N1,000 per litre, especially when Nigeria is an oil-producing nation, and the purchasing power remains low. Similarly, the increase in electricity tariffs—from N68 to N227—has driven up production and living costs, making them unaffordable for many.”
Megbontowon stressed that these rising costs, which outpace the majority of Nigerians’ purchasing power, have forced many into poverty, with many factories unable to sell their products, resulting in company closures and job losses.
The NUSDE President urged President Tinubu to address these issues urgently by cutting energy costs, halting petroleum deregulation, and reversing the devaluation and floating of the naira. He pointed out that devaluation was not beneficial in an import-dependent economy, where the rising costs of imported goods and raw materials were exacerbating the crisis.
“To combat inflation and reduce the cost of living, production, and services, we ask the President to immediately reduce energy costs and halt the devaluation of the Naira,” he said. “We also call for the reduction of lending rates to single digits to encourage investment and the creation of jobs.”
Megbontowon also recommended large-scale investments in critical infrastructure such as electricity, roads, healthcare, and education, alongside a focused industrialization strategy to support economic growth and development.
