Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, have criticised the federal government over its inability to revive the shrinking economy, despite the introduction of some economic innovations.
The unions noted that despite the introduction of the Treasury Single Account, TSA, identification of items not to be funded with forex sourced from the Central Bank, limits on fund transfers or withdrawals in foreign currencies, suspension of payment of dollar deposits into domiciliary accounts and implementation of the new auto-policy, the economy is not yet out of the woods.
The umbrella body of labour unions in Nigeria observed that the economic policies of President Muhammadu Buhari has not yielded positive results, as the naira is still considerably weak against major currencies of the world, thus making the cost of living to rise sharply, while oil prices keep falling.
However, the Congresses in their independence day message in Abuja, yesterday, charged the government to ‘sit up’ and rescue Nigeria’s economy which is currently nose-diving.
They also renewed calls for the upward review of the minimum wage from the current N18, 000, as well as the revival of textile industries for the purpose of creating jobs for Nigerian youths.

READ ALSO  Another FIFA executive resigns