Organized Labour, under the banner of the National Union of Shop and Distributive Employees (NUSDE), has called on President Bola Tinubu to reverse the floating of the national currency and reduce energy costs to alleviate the growing economic hardship faced by Nigerians. Speaking at the 6th Quadrennial and 13th National Delegates Conference (NDC) in Ibadan, Oyo State, NUSDE President Aminu Megbontowon highlighted the severe challenges confronting workers, businesses, and the wider populace due to government policies.

Megbontowon decried the exorbitant energy costs, emphasizing that the high prices of petroleum products and electricity tariffs have adversely impacted production, services, and workers’ welfare. He noted that despite Nigeria’s status as an oil-producing nation, fuel prices exceeding N1,000 per liter are unjustifiable, especially when coupled with low purchasing power. Similarly, the increase in electricity tariffs from N68 to N227 has exacerbated production costs, driving many Nigerians into poverty and forcing businesses to shut down, leading to widespread job losses.

He argued that the rising cost of production and services has rendered Nigerian industries uncompetitive globally, causing the collapse of factories and redundancies among workers. To combat this economic downturn, Megbontowon urged the government to adopt measures that support growth and development, including cheaper energy, single-digit interest rates, and improved infrastructure.

NUSDE called on President Tinubu to eliminate anti-people policies such as deregulation and energy tariff hikes, reverse the devaluation and floating of the Naira, and make imported goods and raw materials more affordable. The union also recommended reducing lending rates to single digits and investing massively in infrastructure, including roads, electricity, public refineries, schools, and hospitals.

Megbontowon concluded by advocating for an ambitious industrialization plan to stimulate economic growth and enable Nigeria to compete in the global market. He stressed the urgent need for immediate government action to curb inflation, reduce living costs, and restore economic stability.