Organised Labour has called on President Bola Ahmed Tinubu to reverse certain economic policies, specifically those concerning currency devaluation and rising energy costs, to alleviate the burden on Nigerians and struggling businesses. Speaking in Ibadan at the 13th National Delegates Conference of the National Union of Shop and Distributive Employees (NUSDE), NUSDE President Aminu Megbontowon expressed deep concern over the impact of current policies on workers and industries.
Highlighting the skyrocketing costs of fuel and electricity, Megbontowon noted that petroleum prices now exceed ₦1,000 per liter, and electricity tariffs have jumped to ₦227 per kilowatt-hour. These soaring costs, he argued, are unsustainable in an oil-rich nation and are driving many Nigerians into poverty, with factories closing and job losses mounting.
Labour leaders are urging the government to bring down energy prices, halt the devaluation of the Naira, and focus on industrial growth. They argue that Nigeria needs affordable energy, single-digit lending rates, and significant investments in infrastructure to strengthen its economy and improve living standards for its citizens.