Labour Demands Reversal of Naira Floating, High Energy Costs Amid Economic Struggles

Organised Labour, under the banner of the National Union of Shop and Distributive Employees (NUSDE), has urged President Bola Tinubu to reverse the recent floating of the naira and high energy costs to alleviate the suffering of Nigerians.

At the 6th Quadrennial and 13th National Delegates Conference (NDC) of NUSDE in Ibadan, Oyo State, Aminu Megbontowon, the president of NUSDE, emphasized the economic hardship faced by workers and businesses due to recent government policies.

He criticized the skyrocketing cost of energy and the devaluation of the naira, which he said were pushing Nigerians further into poverty.

“Nigerian workers and businesses are struggling because of the policies of this government. The cost of energy is excessively high, and it has severely impacted production and workers’ welfare,” Megbontowon stated.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

“For example, petroleum products should not cost over N1,000 per litre, especially when Nigeria is an oil-producing country. The purchasing power of the people is simply too low to absorb these costs.”

The union leader also condemned the recent increase in electricity tariffs, which have surged from N68 to N227, making it more difficult for businesses to stay afloat.

“Electricity tariffs are now so high that they are suffocating production, services, and livelihoods. Many factories are unable to sell their products, leading to closures and job losses.”

NUSDE further highlighted that the rise in energy and living costs, combined with low wages, has placed many Nigerians in a precarious financial situation.

“Many of our members are losing their jobs due to business closures, and this is exacerbated by the high costs of living,” Megbontowon added.

The union called on the federal government to take immediate action to curb the impact of these policies. NUSDE is asking the president to reduce energy costs, reverse the devaluation of the naira, and introduce single-digit interest rates to support businesses and stimulate economic growth.

READ ALSO: Labour Party Suspends Senator Kevin Chukwu Over Alleged Anti-Party Activities

“We urge President Tinubu to immediately reduce energy costs, reverse the floating and devaluation of the naira, and provide more affordable credit for businesses,” Megbontowon said.

“Only then can we begin to see a reduction in the rising costs of living, inflation, and production costs.”

The NUSDE also appealed for increased investments in key infrastructure such as electricity, roads, and healthcare, alongside a robust industrialization plan that could help revitalize the Nigerian economy.

“To truly support the growth of the Nigerian economy, we need massive investments in infrastructure and industries,” the union leader added.