NLC tasks FG to halt naira depreciation

The Nigeria Labour Congress (NLC) has called on federal government to apply strategies capable of halting the depreciation of the Naira against major international currencies.

The labour union said it was worried at the fruitless moves by the Central Bank of Nigeria (CBN) to bring the situation under control, saying the devaluation and the attendant inflation have caused massive distress to millions of families across the country.

The NLC noted that the protest it embarked upon in May against the hike in fuel price of petroleum products justified its position that tying the fuel price to crude oil price at the international market and the foreign exchange rate was not sustainable.

In a communiqué signed by the president, Comrade Ayuba Wabba; and General Secretary, Dr. Peter Ozo-Eson; NLC “NEC expressed concern at the free-fall of the Naira and the abortive efforts by the Central Bank to arrest this fall.”

“NEC noted the harm and pain the massive devaluation and the attendant inflation have wrought on tens of millions of families across the country.

“NEC noted that this situation may escalate into a state of national panic except a solution to the economic malaise is found soon.

“NEC accordingly resolved to urge the government to take all measures necessary to arrest the recession and turn the economy around-including recovering from multinational oil companies the un-remitted over $20 billion (as reported by NEITI), $7 billion bail-out fund given to commercial banks by government with no re-payment reschedule and the billions of Naira similarly given as bail-out to private airlines but with nothing to show for it.

“NEC urged the government to comprehensively reform its budget process as well as put in place a transparent and accountable system in line with the principles of good governance.”

The NLC also asked the federal government to consider a more “pocket-friendly template on petroleum pricing” in view of the pressure by devaluations of the Naira and inflation on workers’ wages, quality of life.