Labour leaders in Nigeria have expressed their concern over the hardships faced by workers due to the current economic challenges arising from the removal of fuel subsidies and inflation. The leaders highlighted the significant rise in transportation costs and the astronomical increase in food prices.
Speaking at the 28th annual national management/industrial relations seminar in Ilorin, Kwara State, with the theme “Creative and Innovative Strategies To Manage Workers Expectations and Reality In a Challenging Economy,” the leaders acknowledged the federal government's efforts to mitigate the impact of fuel subsidy removal on workers.
Comrade Segun David, the national president of the Chemical and Non-Metallic Products Senior Staff Association of Nigeria (CANMPSSAN), which organized the seminar, expressed concern that the take-home pay of workers is insufficient to meet their basic needs. While recognizing that President Bola Tinubu's government is relatively new, David called for additional measures to improve the welfare of Nigerian workers amid the challenging economic situation.
David emphasized the need for Nigerian workers to strategize on managing expectations in the face of declining incomes and to understand the prevailing economic realities. He noted the challenges faced by employers in adapting to unfavorable government policies, particularly the removal of fuel subsidies, which has contributed to the increasing difficulty and cost of doing business in the country.
Highlighting the economic indicators, David pointed out that the exchange rate reached an 18-year high of 26.7%, and the removal of fuel subsidies has contributed to a high inflation rate. Prices of essential goods and services have surged, with food prices increasing by 30.6%, transportation by 27.2%, housing and utilities by 22.5%, and miscellaneous goods and services by 21.9%.
Babatunde Olatunji, the national president of the National Union of Chemical Footwear Rubber Leather and Non-Metallic Products Employees (NUCFRLANMPE), listed various challenges facing Nigerian workers, including fuel subsidy removal, higher electricity tariffs, inflation affecting the standard of living, inadequate infrastructure, power supply issues, multiple taxation on companies, and insecurity.
Olatunji highlighted the widespread impact of subsidy removal on various sectors, from pepper sellers and grinders to vehicle owners who are constrained by the soaring fuel prices. He urged the government to address these challenges, including security issues, to prevent further adverse effects on the country.
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