The Trade Union Congress of Nigeria (TUC), has said the N28.7.trillion 2024 budget recently into law by President Ahmed Bola Tinubu, was Carey designed to “take care of the ruling class,” a tiny fraction of the entire country.
This was as the TUC amongst other things, regretted that the country’s economy was not only on its knees gasping for breath, but it has dampened the hope of ordinary Nigerians further worsened by provisions of the 2024 budget.
TUC in a New Year message signed by its President, Comrade Festus Osifo and Secretary General, Comrade Nuhu Toro on Wednesday in Abuja, noted that with N8.25 trillion pencilled down for debt servicing, the 2024 budget as signed into law, lacks the capacity to stimulate national economic growth or alleviate the poverty and sufferings Nigerians were groaning under.
While noting that the political class were carrying on unconcerned with some engaging in “wanton ostentation that is provocative and unacceptable,” TUC warned that with over 33.3 per cent unemployment rate, massive and pervasive poverty and misery ravaging the nooks and crannies of the land, coupled with the criminal indifferent attitude of the political class, it was obvious Nigeria was sitting on a keg of gun powder.
The message partly reads: “The economy has actually been on its knees, gasping for breath. But that did not stop or even deter roguish and unpatriotic privileged few from feasting on our common patrimony, including making merchandise of our scarce forex at a time when the manufacturing sector cannot access forex to import raw materials for production.
“This ugly development has led to the closure of many factories and business outfits, and as a result, millions of Nigerians were thrown out of jobs, with the attendant social, economic and security implications.
“The Federal Government presented a budget of N27.5 trillion for the 2024 Appropriation year. That is the highest we have had, though paradoxically low in terms of value, considering the prevailing economic realities and exchange rate.
“On the whole, the poor and wobbly state of the economy has ironically and unfortunately only dampened, rather than renewed, our hope. For instance, in the budget recurrent expenditure stands at N9.92 trillion, while the capital expenditure is N8.7 trillion and debt servicing is N8.25 trillion.
“This can neither stimulate economic growth nor alleviate the abject poverty of suffering Nigerians. Indeed, a careful and critical dissection of the budget would easily reveal that it was primarily and essentially designed to take care of the ruling class.”
Optimistic that the current state of the country could be reversed positively with sincere, committed, responsible and responsive leadership, TUC lamented that the year 2023
was “one long, excruciating litany of lost opportunities and dashed hopes,” as life had become extremely difficult and unbearable due to official policies and measures that sent the naira depreciating many-fold and the economy spinning and spiralling out of control.
Commending the resilience of the oppressed and suffering Nigerians for refusing to bow, or be cowed or crushed amidst diminishing value of wages, low purchasing power amidst high cost of living, and the many other humongous challenges, Congress amongst other demands for the year 2024, called on President Tinubu’s led administration to implement all agreements between labour and government.
“Including the payment of the monthly N35,000 Wage Award to Public Servants in the Local Government, State and Federal services, must be implemented until a new National Minimum Wage is implemented. A new National Minimum Wage must be negotiated, and implemented, and if further delayed in the year, arrears be paid.
“Inflation, which is running at 28.20 per cent, must be drastically reduced to the Sub-Saharan African regional average of 9.4 per cent.
“Governments at state and federal levels should stop the unnecessary, economically-unwise and unpatriotic tradition of taking loans, especially when these loans only end up being used to purchase thousands of expensive jeeps for legislators, pampered members of the Executive and their spouses, or in building unnecessary offices and purchasing mundane and sundry things, including stationaries.
“Government should stop its ill-advised devaluation of the national currency, which is precipitating the collapse of local industries which need foreign exchange to import raw materials, and which has led to mega inflation in our import-dependent economy.
“The sale of the Naira in the streets due to the Central Bank-induced scarcity must be stopped. This is possible, provided the Government ensures adequate supply of Naira notes in the banking system.
“The very high price of PMS, which is now at a poverty-inducing price of N617 at the NNPC fuel stations (much higher elsewhere) should be drastically reduced to repair the damage done to the economy. This will be achieved by ensuring local production of refined products.
“The security of Nigerians should be the yard stick with which to determine whether military and other security chiefs and their supervising Minsters should remain in office or be replaced. Specifically, rather than lament, President Tinubu has a duty to sanction officials for serious security breaches such as the December, 2023 massacres in Plateau State.
“In order to ensure maximum security, Community Policing should be prioritized alongside the mobilisation of the citizenry to defend themselves against bandits and terrorists.
“Government should engage in dialogue with aggrieved groups representing nationalities who feel marginalised, short-changed or shut out. The Year 2024 holds a lot of promise for us all provided Nigerians as a people would unite and assert our authority over all powers, including the Nigerian ruling class manning all branches, levels, institutions and organs of government.”
Credit: Nigerian Tribune