Sun. Jul 14th, 2024

Cost Of Living Crisis: NLC To Embark On Nationwide Protest

Nigerian Labour Congress
The Nigeria Labour Congress (NLC) has declared a two-day nationwide notice for 27 and 28 February to protest against the economic hardship being experienced in the country.
The NLC President, Joe Ajaero, disclosed this on Friday during a press conference at the Labour House in Abuja.
Mr Ajaero explained that the decision to go on a protest was taken after the expiration of the 14-day ultimatum earlier issued to the federal government over the nationwide hardship.
Last week, both the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) issued a two-week ultimatum to the federal government to address the food crisis or face mass protests.
In a joint statement, the NLC and TUC said they are concerned about the “non-implementation of the 16-point agreement reached with the Federal Government on October 2, 2023.”
“These agreements which were reached with the federal government were focused on addressing the massive suffering and the general harsh socioeconomic consequences of the ill-conceived and ill-executed IMF/World Bank induced hike in the price of PMS and the Devaluation of the Naira.
“Constrained by this development and recognizing the urgency of the situation and the imperative of ensuring the protection and defence of the rights and dignity of Nigerian workers and citizens, the NLC and TUC hereby issue a stern ultimatum to the Federal Government, to honour their part of the understanding within 14 Days from tomorrow, the 9th day of February, 2024,” the NLC said at the time.
Background
In recent years, food prices have been on the rise across Nigeria. The situation became more complex after President Bola Tinubu announced the end of fuel subsidy payments during his inauguration as president on 29 May 2023.
The upward trend in the prices of these staples as well as other products has weakened the purchasing power of many citizens, making it difficult for many households in the country to afford daily meals.
Forex scarcity, orchestrated by exponential demand for dollars by Nigerians willing to offset bills (school fees and medical bills) abroad, as well as unremitted forex backlogs by the Central Bank of Nigeria, have further mounted pressure on the naira.
This newspaper reported that the Naira plunged to a record low on Monday after exchanging at N1,534.39 to a dollar at the official market segment.
According to data published on the FMDQ website, the local currency moved to an intraday high of N1000/$1 and a low of N1,550 to a dollar before it eventually settled at N1,534.39 at the close of business on Monday.
The rate implies a 4.38 percent depreciation from the previous market sales on Friday last week.
On Monday, forex turnover at the authorised market stood at $89.61 million amidst increased demand and inflationary pressure across sectors of the country’s economy.
(Premium Times)

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