Organised Labour, under the National Union of Shop and Distributive Employees (NUSDE), has called on President Bola Tinubu to reverse policies on naira floating and rising energy costs, citing the dire economic challenges facing Nigerians and businesses. Speaking during the union’s 6th Quadrennial and 13th National Delegates Conference (NDC) in Ibadan, Oyo State, NUSDE President Aminu Megbontowon warned that the current economic trajectory threatens widespread poverty, industrial collapse, and worsening living standards.
Megbontowon expressed concern over the ripple effects of high energy costs, unstable currency policies, and inflation on workers and businesses, urging the government to act swiftly to prevent further economic decline.
Energy Costs and Inflation Driving Nigerians into Poverty
Megbontowon highlighted the skyrocketing costs of petroleum products and electricity tariffs, which he said have severely affected production, service delivery, and workers’ welfare.
“For instance, there is no justification for petroleum products to be over ₦1,000 per litre when Nigeria is an oil-producing country,” he said. “Electricity tariffs, which have risen from ₦68 to ₦227, have driven the cost of production, services, and living far beyond the reach of most Nigerians.”
He lamented that many factories have shut down due to unsold products, leading to job losses and redundancies. This, he said, has forced many Nigerians into poverty and destitution, further straining the economy.
Call for Policy Reversals
NUSDE urged the federal government to reduce energy costs and abandon deregulation policies that have led to increased petroleum and electricity prices. The union also demanded a reversal of the naira’s floating and devaluation, arguing that such policies are detrimental to Nigeria’s import-dependent economy.
“The devaluation of the naira has made goods, services, and raw materials unaffordable, compounding the hardship faced by Nigerians,” Megbontowon said.
Recommendations for Economic Recovery
To stabilize the economy, NUSDE proposed the following measures:
Drastically reduce energy costs: Lower petroleum and electricity prices to make production and services affordable.
Reverse naira floating: Stabilize the currency to curb inflation and make imports accessible.
Introduce single-digit interest rates: Ensure affordable lending to stimulate investment and economic growth.
Invest in infrastructure: Prioritize roads, electricity, refineries, schools, and healthcare.
Pursue industrialization: Implement policies to support manufacturing and boost domestic production.
Impact of Current Policies
The union stressed that rising inflation and unchecked deregulation are pushing the cost of living beyond the reach of most Nigerians. “We are losing members daily due to redundancies and job closures,” Megbontowon revealed, emphasizing the urgent need for cheaper energy and infrastructure investment to revive the economy.
A Warning to the Federal Government
NUSDE warned that failure to address these pressing issues could lead to further economic decline and social unrest. “The federal government must prioritize policies that alleviate the suffering of Nigerians and create an enabling environment for businesses to thrive,” Megbontowon said.
The union’s demands come as the Tinubu administration faces mounting criticism over its economic policies, which many believe have exacerbated inflation, unemployment, and poverty.
