The Trade Union Congress (TUC) has intensified calls on the Federal Government to enact a new minimum wage policy to combat the escalating cost of living across Nigeria. The appeal comes amidst soaring inflation rates and heightened economic strain following the removal of fuel subsidies, ChannelsTV reports.
TUC President, Festus Osifo, emphasized the urgency of revising the existing N30,000 minimum wage during a press briefing in Abuja on Monday. His remarks precede nationwide protests organized by the Nigeria Labour Congress (NLC) in response to the mounting financial burdens faced by citizens.
Osifo underscored the union’s proposal for a new minimum wage as a critical step towards alleviating economic hardships gripping the nation. He attributed the diminishing purchasing power of workers to the sharp depreciation of the naira against the dollar in the foreign exchange market.
The TUC leadership advocates for the enactment and enforcement of a revised minimum wage law tailored to current economic realities. Additionally, they urge the government’s economic team to adopt a more realistic exchange rate for the naira, ranging between N500 and N800 to the dollar, while cracking down on currency speculators to stabilize remittances from abroad.
Furthermore, Osifo called for a review of taxes on essential imported goods to mitigate financial strain, urging the Nigeria Customs Service (NCS) to prioritize trade facilitation over revenue collection.
To alleviate the impact of rising living costs, TUC demands immediate authorization from the Director General of the NCS to import essential food items. They also advocate for the expeditious rollout of products by the Port Harcourt Refinery by the end of Q1 2024.
Highlighting insecurity as a significant factor contributing to food price hikes, Osifo lamented the adverse effects on agricultural activities due to farmers’ inability to access their farms safely.
Source: ChannelsTV