The Trade Union Congress (TUC) threatened on Thursday to pursue “constitutional and legal ways” against the Federal Government in response to the ongoing naira scarcity and fuel price hike. Speaking at a press conference in Abuja, TUC national president Festus Osifo warned that many Nigerians are “on the brink of financial collapse” because of policies enacted by the Central Bank of Nigeria. He said the banking system has betrayed citizens by failing to make their money available on demand, and the Federal Government has compounded the crisis by unilaterally changing the three highest denominations of the currency, setting fixed dates for the change, and proving incapable of delivering on its promises or protecting the populace from financial strangulation.
Addressing the fuel scarcity and the planned increase in pump prices, Osifo called for the construction of local refineries. He argued that the lengthy explanations for long queues at fuel stations and the disparity between official and actual prices of petroleum marketing stations (PMS) are no longer tolerable. “All we demand is that petrol return to fuel stations and be available at the official price across the country,” he said. Osifo reiterated that 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 Nigeria.
Regarding the steps the TUC will take if the government fails to resolve these pressing issues, Osifo said the union has no choice but to defend the populace and prevent any tragic scenario. He announced that, should the problems remain unresolved in the coming days, the TUC and its comrades in labour and social movements will begin consultations with various groups nationwide to devise democratic, constitutional, and legal means to protect the people and the country. “The constitution states that sovereignty belongs to the Nigerian people and that all powers in the country must derive their legitimacy from the people’s sovereignty,” he concluded.
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