TUC Blames Tinubu’s Naira Float for Current Economic Woes

President of the Trade Union Congress (TUC), Comrade Festus Osifo, criticized President Bola Tinubu’s decision to float the Naira against the dollar, attributing it to the current economic hardships in the country.

He expressed concern that paying for almost all imported goods in foreign currency puts immense pressure on the Naira.

Addressing a press conference on the state of the nation on Thursday, Osifo also linked the prevailing food scarcity to farmers’ inability to access their farms.

The TUC leader urged the government to tackle challenges related to food production, particularly in Benue and Plateau states, which are key food-producing regions.

He further recommended that the government implement zero import duty on manufacturing equipment, arguing that such equipment has job-creation potential and should not be burdened with heavy taxes.

He stated, “The economic challenges are primarily due to the floating of the Naira. This policy is the main cause of our economic difficulties.

“We have analyzed how this decision has impacted our economy, noting that almost everything imported requires dollars.

“We also identified why food is expensive: farmers can’t access their farms, particularly in Benue and Plateau states.

“Additionally, we discussed the high import duties on manufacturing inputs, which are priced in dollars. We have urged the government to eliminate import duties or fix the exchange rate at a stable level.”