Amid ongoing economic reforms championed by President Bola Tinubu, the Nigeria Labour Congress (NLC) expressed strong dissatisfaction, asserting that the measures are exacerbating the economic hardships faced by Nigerians.
NLC President, Joe Ajaero, voiced his concerns during the 21st Daily Trust Dialogue in Abuja, specifically addressing the adverse effects of Tinubu’s economic policies. Ajaero cautioned the President against heeding the advice of international financial institutions such as the World Bank and the International Monetary Fund (IMF).
Contrary to the NLC’s criticism, the Minister of Information and National Orientation, Mohammed Idris, dismissed Ajaero’s concerns, assuring Nigerians that they would soon witness the positive outcomes of the President’s reforms.
President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, further defended the economic reforms, emphasizing their pro-Nigeria orientation. Onanuga asserted that the reforms aim to stabilize the economy and restore the depreciating value of the national currency.
The economic reforms, initiated by President Tinubu upon assuming office on May 29, 2023, included the removal of the fuel subsidy, resulting in increased prices of goods and services. Tinubu justified this decision by redirecting the funds from the subsidy towards infrastructure and social development programs.
In response to rising living costs attributed to government policies, particularly the fuel subsidy removal, the NLC and Trade Union Congress organized a street rally to protest against the economic challenges faced by Nigerians.
Additionally, through the Central Bank of Nigeria, the government implemented measures to address the forex crisis, including abolishing multiple exchange rates. Despite these efforts, the forex crisis has persisted, with the national currency exchanging for over N1,400 per dollar.
As the debate over the economic reforms intensifies, President Tinubu’s administration faces both criticism and support, with divergent opinions on the impact of the measures on the Nigerian populace. Stay tuned for further developments in this economic discourse.