The Trade Union Congress (TUC) warned on Thursday that it will pursue “constitutional and legal ways” against the Federal Government over the persistent shortage of new naira notes and fuel. At a press conference in Abuja, TUC National President Festus Osifo said many Nigerians are “on the brink of financial collapse” because of the Central Bank of Nigeria’s policy initiative. He explained that Nigerians have been betrayed by a banking system that cannot dispense cash on demand and by a Federal Government that unilaterally altered the three highest currency denominations, set fixed dates for the change, and proved incapable of delivering on its promises or protecting the public from financial strangulation.
Addressing the fuel scarcity and the planned hike in pump prices, Osifo called for the construction of local refineries. He rejected the lengthy explanations for long queues at fuel stations and for petroleum marketing service (PMS) prices far above the official rate, stating that such excuses can no longer be tolerated. “All we demand is that petrol returns to fuel stations and is available at the official price across the country,” he said. According to Osifo, the solution to the fuel shortage lies in local refining, which would add value to crude oil, create jobs, save foreign exchange, and generate greater income for the nation.
Regarding possible government inaction, Osifo warned that the TUC would have no choice but to defend the populace and prevent any tragic scenario. He emphasized that the union is prepared to take decisive steps if the pressing issues are not resolved.
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