The Trade Union Congress (TUC), led by President Festus Osifo, has urged the Federal Government to enact a new minimum wage to counterbalance the escalating cost of living, which has reached previously unheard-of levels due to inflationary pressures.
Addressing the media in Abuja on Monday, Osifo reiterated the necessity of revising the current minimum wage of N30,000, citing its diminishing value in light of the depreciating naira against the dollar. He emphasized the imperative for the government’s economic team to adopt a more realistic exchange rate policy, aiming for a range of N500 to N800 per dollar, while cracking down on currency speculation activities, particularly online.
Furthermore, the TUC proposed a review of import taxes on essential food items to mitigate the burden on consumers. Osifo urged the Nigeria Customs Service to prioritize facilitating trade and swiftly authorize the importation of critical food commodities to alleviate the strain on households grappling with soaring prices.
In addition to advocating for economic reforms, the TUC highlighted the urgency of addressing security challenges, which have disrupted agricultural activities and contributed to food shortages. Osifo emphasized the need for concerted efforts to ensure the safety of farmers and enable them to resume farming operations without fear of insecurity.
Moreover, the TUC called for the timely commissioning of products by the Port Harcourt Refinery by the end of the first quarter of 2024, which could bolster domestic production and alleviate dependence on imported petroleum products.
