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The Trade Union Congress (TUC) has attributed the worsening cost of living in Nigeria to government policies and the devaluation of the naira. According to TUC President Festus Osifo, “The NAC of TUC thoroughly examined the root cause of the persistent increase in the prices of goods and services across the country.”

Osifo emphasised that the devaluation of the naira is the primary cause of rising inflation and the continuous increase in prices of goods and services. He noted that the TUC had warned about this trend over a year ago, stating that it would worsen inflation in 2024 and severely affect the social and economic well-being of Nigerian workers and the masses.

The inflation rate in Nigeria has topped 34.8%, and the TUC is demanding a better foreign exchange management regime from the Central Bank of Nigeria (CBN). Osifo stated, “The Congress also warned that this trend would worsen inflation in 2024… if the solutions it canvassed were not adopted.”

Furthermore, the TUC has urged the Federal Government to fix the roads before tolling them, as the current state of the roads is unacceptable. The organisation also faulted the proposed 65% increase in electricity tariffs, describing it as “a deliberate act of economic oppression against Nigerians, who are already struggling under unbearable economic conditions.”

Osifo emphasised that the improved service quality promised during the last tariff hike has not been realised, and the TUC will continue to advocate for better economic management and policies that benefit Nigerian workers and the masses.

The TUC President warned that the proposed electricity tariff hike would exacerbate the already difficult living conditions of Nigerians. “It is alarming that the government is considering this hike when the previous increment has already inflicted severe hardship on citizens,” Osifo said.

He emphasised that the TUC would continue to engage with the government and other stakeholders to find solutions to the economic challenges facing the country. “We will not relent in our efforts to ensure that the government prioritises the welfare of Nigerian workers and the masses,” Osifo stated.

The TUC’s communiqué also highlighted the need for the government to address the issue of unemployment, which has become a major concern for Nigerian youths. The organisation called on the government to implement policies that would create jobs and stimulate economic growth.

In conclusion, the TUC President reiterated the organisation’s commitment to fighting for the rights and welfare of Nigerian workers and the masses. “We will continue to speak out against policies that are detrimental to the well-being of our people and advocate for a better Nigeria for all,” Osifo said.

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