Organised Labour, under the National Union of Shop and Distributive Employees (NUSDE), has called on President Bola Tinubu to reverse policies driving up energy costs and the devaluation of the naira, warning that these measures are plunging Nigerians into poverty and causing widespread business closures. Speaking during the union’s 6th Quadrennial and 13th National Delegates Conference in Ibadan, Oyo State, NUSDE President Aminu Megbontowon expressed deep concern about the economic strain on workers and businesses.
The Rising Costs Crippling Nigerians
Megbontowon highlighted that the floating of the naira and deregulated energy prices have significantly worsened living conditions. Nigerians now face skyrocketing fuel prices exceeding ₦1,000 per liter, compounded by soaring electricity tariffs that have jumped from ₦68 to ₦227 per kilowatt-hour. These changes, he said, have inflated production costs, reduced purchasing power, and deepened poverty.
“Workers and businesses are in a dire situation,” he stated. “Factories are shutting down, jobs are being lost, and many Nigerians are being pushed into destitution.”
The effects are widespread, with industries struggling to compete globally due to high production costs and reduced consumer spending. Businesses unable to sell their products are collapsing, leading to layoffs and economic stagnation.
Labour’s Urgent Demands
To stem the tide of economic hardship, NUSDE is urging the Tinubu administration to take immediate steps:
- Reduce energy costs: Reverse the deregulation of petroleum products and electricity tariffs to make energy more affordable.
- Strengthen the naira: End the devaluation and floating of the national currency, which has made imports and raw materials unaffordable in a largely import-dependent economy.
- Support industries: Introduce single-digit interest rates to provide businesses with cheaper credit, encouraging investment and growth.
- Invest in infrastructure: Develop essential public utilities, including electricity, roads, refineries, schools, hospitals, and agriculture, to strengthen the economy and create jobs.
- Promote industrialization: Implement an ambitious industrialization plan to position Nigeria for global competition and economic independence.
A Call to Reverse Anti-People Policies
Megbontowon warned that the current trajectory of high living costs and inflation is unsustainable. “The government must act decisively to reduce energy costs and stabilize the naira to prevent further economic collapse,” he said.
The union also emphasized the urgency of a holistic approach to economic reform, urging the government to abandon anti-people policies and prioritize the welfare of citizens. With many Nigerians already feeling the pinch, Labour insists that reversing these harmful policies is essential to restoring economic stability and securing a better future for all.
The Road Ahead
The demands come at a time when the Tinubu administration faces mounting pressure to deliver on its promises of economic recovery. As calls for reforms intensify, all eyes are on the government to provide solutions that will ease the burdens on businesses and ordinary Nigerians alike.
