Masses Are Losers Of Tinubu’s Reforms — Labour Leader

• NLC President Joe Ajaero expresses concern over President Tinubu’s economic reforms, criticizes petrol subsidy removal, and currency depreciation
• Ajaero questions the logic behind subsidizing private power sector investors, urges coherent economic strategies addressing challenges comprehensively for effectiveness

During the 21st Daily Trust Dialogue themed ‘Tinubu’s Economic Reforms: Gainers and Losers,’ Nigeria Labour Congress (NLC) President, Joe Ajaero, expressed concerns about the impact of President Bola Tinubu’s economic reforms on the masses.

Referring specifically to the removal of petrol subsidies and currency floating, Ajaero argued that assessing both success and failure indicators is crucial. He lamented that once purchasing petrol at N187 per litre, he lamented that the Nigerian masses are now burdened with a cost of N700 per litre.

Ajaero underscored the swift currency depreciation under Tinubu, comparing it to the previous eight years, stating, “It took former President Muhammadu Buhari eight years to move from N260/dollar to N700/dollar; within six months, it moved from N700/dollar to N1,350/dollar under Tinubu. So, who are the losers?”

The labour leader emphasized the hardships faced by the masses due to stagnant salaries and wages. He criticized the government’s oil, gas, and power sector approach, labelling it a “Public disaster and private gain.”

Highlighting concerns about subsidies to privatized companies in the power sector, Ajaero questioned the rationale behind providing more funds to entities that, in his view, have failed.

Ajaero critically analyzed Tinubu’s economic policies, pointing out that the neoliberal principles influenced by the World Bank and IMF have led to mixed reactions. He urged a thorough examination of the policies’ impact on citizens’ access to necessities like food, housing, and healthcare.

The NLC president expressed scepticism about the effectiveness of the economic reforms, noting that similar policies have been attempted in the past with little success. He linked the administration’s economic decisions to the escalating security crisis, stating that urgent attention is needed to address the pervasive threats of kidnappings and banditry.

While acknowledging the importance of economic stability, Ajaero stressed the immediate need to address citizens’ safety and well-being in the face of security challenges. He questioned the coherence of the administration’s economic strategy, especially in the absence of a discernible economic blueprint.

In conclusion, Ajaero emphasized the growing unemployment and company closures, calling for policies prioritising job retention and economic stability.