As the holiday season draws near, the Nigeria Labour Congress (NLC) confronted the Federal Government yesterday about the current financial crisis and the status of the country's economy.According to the Labour Center, the economic crisis has wide-ranging effects on the people, so immediate action is needed to prevent more suffering for the already suffering public.
According to a statement from Joe Ajaero, president of the NLC, the lack of cash has made it harder for people to meet their basic necessities and made their financial problems worse.
Labour stated that the current cash constraint threatens to cloud the festivities for many Nigerians, pointing out that the crunch was in fact another test of the already weary patience of the country's workers and masses.
It brought back memories of the agonizing circumstances that Nigerians endured during the previous cash crisis earlier this year, which was brought on by the previous administration's currency redesign program.
According to NLC, they did not want to see the anguish that the mishandled exercise inflicted upon the populace once more in a year.
According to the union, the problem is already giving economic renters—like Point of Sale (POS) providers and the banks that support them—another way to defraud Nigerians.
The government was urged by the labor center to respond swiftly and forcefully to lessen the policy's negative effects on the populace.
It recommended that the present government look into ways to increase the economy's liquidity and make sure there is enough cash flow to meet everyone's needs, including those of businesses and individuals.
The NLC also recommended that the government work with other financial institutions to enhance banking services, such as making sure that cash is always available at bank branches and automated teller machines (ATMs) to make it easier for the general public to access.
The Central Bank of Nigeria (CBN) was tasked by the congress with informing the public in a straightforward and open manner about the actions being taken to resolve the issue and reassure them about the stability of the financial system.
The government must put its residents' welfare first and move quickly to lessen their suffering, according to Ajaero, who noted that the NLC is aware of the difficulties involved in running an economy, particularly in hard times.
It automatically devalues our pay to force us to spend our pitiful salary on purchases.
Currently, N400 is what POS providers charge to access N10,000. The value of impoverished Nigerians' income has decreased by roughly 4% as a result, as they hardly use electronic platforms for business transactions. Placing this on residents again amounts to egregious insensitivity and double jeopardy, as they are already impoverished by the same government policies, the statement stated.