**ABUJA** – President of the Trade Union Congress (TUC), Comrade Festus Osifo, criticized the Federal Government on Thursday for floating the naira without proper consideration, attributing it as a primary cause of the country’s current economic woes.
Osifo pointed out that the reliance on foreign currency for almost all imports puts immense pressure on the naira, leaving it vulnerable to fluctuations against the dollar.
During a press conference addressing the ‘State of the Nation,’ Osifo linked the prevailing food scarcity to the inability of farmers to access their farms, particularly in Benue and Plateau states, which are major food production areas.
He urged the government to tackle the challenges in food production and suggested implementing zero import duty on manufacturing equipment to boost job creation and reduce the tax burden on industrialists.
Osifo explained, “The floating of the naira is the primary issue responsible for our economic challenges. We rely heavily on imports, which require dollars, putting pressure on the naira. Food is expensive because farmers, especially in states like Benue and Plateau, cannot access their farms.”
He also stressed the need for the government to remove or peg import duties to a particular exchange rate to ease the burden on the manufacturing sector.
Addressing the proposed protest and the TUC’s alleged involvement, Osifo clarified that the union had not called for a protest over the current hardships but emphasized that Nigerians have the constitutional right to protest, and security personnel must ensure their protection.
“The media has been reporting about a planned protest. While we have not called for one, we cannot stop Nigerians from exercising their right to protest. It is essential that the Inspector General of Police and other security outfits ensure the safety of protesters to prevent chaos,” he said.
Osifo also touched on the ongoing crisis involving the Dangote Refinery, urging President Bola Tinubu to intervene to prevent the situation from deterring potential investors.
“As stakeholders in the oil and gas sector, we recognize Aliko Dangote as a significant investor in Nigeria. The current public disagreements among key players are unnecessary and could repel investors. We urge President Tinubu to step in, bring all parties together, and resolve the issues to restore confidence in the industry,” Osifo stated.
(Punch)