The Trade Union Congress (TUC) has urged the Nigerian government to break away from the directives of international financial bodies like the International Monetary Fund (IMF) and World Bank, advocating instead for indigenous solutions to address the country’s economic challenges. Emphasizing the need to restore the value of the Nigerian naira, the TUC suggests reverting to past exchange rates, ranging between N450 and N650 to a dollar.
To tackle the escalating food crisis, the TUC proposes immediate emergency food imports to bridge supply gaps. The union center affirms its commitment to engaging with the government based on a 15-point agenda rather than participating in the national protest called by the Nigeria Labour Congress.
Declining to disclose the proposed new minimum wage amount, the TUC President highlights the government’s progress in implementing previous agreements, citing wage payments, refinery visits, and crisis resolution as evidence. With optimism about refinery operations, particularly in Port-Harcourt and Warri, the TUC anticipates increased petrol production by March and full readiness within six months.
Regarding the depreciating value of the naira and its inflationary implications, the TUC criticizes the current floating exchange rate system and advocates for a revaluation to establish the true value of the currency. The union proposes setting the exchange rate between N580 to N650 per dollar, aiming for stability and investor confidence.
To combat inflation, the TUC recommends revising Customs’ exchange rate for clearing imports critical to manufacturing and agriculture, clamping down on speculative forex trading, and promoting local production through government agency patronage of made-in-Nigeria goods. Additionally, the TUC calls for measures to increase crude oil production by curbing theft and investing in production enhancement.
Amidst Nigeria’s economic turmoil, the TUC’s proposals underscore the urgency of implementing strategic reforms to stabilize the economy, address inflation, and bolster key sectors crucial for sustainable growth and development.