The President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, has said that the greatest losers of President Bola Tinubu’s policies are workers and the general masses of Nigeria, saying reforms are worsening hardship, unemployment, and criminality in the country.
Ajaero, who said this at the 21st Daily Trust Dialogue with the theme “Tinubu’s Economic Reforms: Gainers and Losers” on Thursday in Abuja, added that Nigerian workers, the unemployed and poor masses were not only suffering deeply, but they were also “experiencing the worst kind of
deprivation never seen in this part of the world before.”
Ajaero, who maintained that any government embarking on a true economic reform should at least reduce the cost of governance by 50 per cent, noted that as a result of Tinubu’s policies, Nigerians have become poorer as the gap between the poor and the rich has widened and deepened by the day.
He said, “The economic policies implemented by the Tinubu government have had far-reaching consequences on the standard of living, particularly for workers, the vulnerable, and those with fixed incomes
“For a country that had over 133 million multi-dimensionally poor people before May 29, we are sure from estimates that we may have nearly 150 million multi-dimensionally poor people living in this country presently.
“Genuine businesses in the manufacturing and real sectors of the economy suffer, leading to shutdowns and increasing de-manufacturing. GSK, Sanofi, NAMPAK, P&G, and Shell, to mention a few, are leaving Nigeria because of the harsh economic environment, yet the government fiddles.
“More job losses and increasing unemployment stare us in the face as both workers and their employers groan under the heavy yoke of the policies. While patriots lose their businesses, scavengers and smart-alecs clink their glasses in celebration. They have been seeking to approve a new electricity tariff in the midst of darkness and harrowing poverty. Instead of a service-reflective tariff, they talk glibly about a cost-reflective tariff.
“This will impoverish workers and the masses more while putting more money in the hands of those who cornered the electricity companies. Is it not absurd that the government says that it is voting trillions of naira into the GENCOs and DISCOs it has sold? Anyway, it explains the fact that the buyers of the privatised electricity companies are also the sellers.
“In essence, while the few who are rich smile to the banks, the majority of Nigerians go hungry and are worried about where their next meals will come from. Nigeria as a nation is therefore the greatest loser, as its economy is weakened and traumatised, unable to grow and remain sustainably healthy.
Social unrest and strife increase, manifesting in a series of kidnappings, abductions, and general insecurity around the nation, while mistrust amongst the people deepens and the disconnect between the citizenry and the government exacerbates. It is a growing dilemma that is dangerous for our nation and demands that urgent steps be taken
“The rate of poverty has increased tremendously; increasing desperation, suicide, and Japan have all become the lot of the masses. Any reform that does not deliberately reduce the cost of governance in Nigeria by at least 50% is deceptive.”
Ajaero, who further described Tinubu’s economic policies “as the enthronement of profit over the people,” listed the gainers to include the “International Monetary Fund (IMF) and World Bank, the “oil and gas fat cats, politicians, and the wealthy who had foreign bank accounts and assets, the palliative economy, and the rentiers who, for example, act as consultants and collect fees for the numerous sweetheart deals around the wanton borrowings. Some of them made 2% of the over U$3.3 billion in borrowing by the government in pursuit of its now-failed policy of shoring up the naira.
“The interest rate on that borrowing alone remains scandalous, but that is part of the legacy of the economic policies of this government,” he added.
Ajaero urged President Tinubu to seek creative ways to alleviate the suffering and hardship Nigerians were undergoing by reviewing some of the harsh policies, supporting micro, small, and medium enterprises, boosting the agricultural sector, taking deliberate steps to encourage cottage industries dotting the nation’s landscape, and paying workers a living wage to encourage productivity.
Others include “providing incentives for struggling businesses in the organised private sector, getting the publicly owned domestic refineries working to provide cheaper petroleum products, pursuing the CNG alternatives, increasing budget effectiveness, growing the domestic economy, and purging itself of the growing number of corrupt public officials by ensuring that there is a consequence for every act of breach of public trust.
“Our nation is in dire straits, and it is only by the leadership exhibiting more patriotism and thinking more of the citizens that they can craft policies that will lift our nation out of the doldrums. The World Bank, as unreliable as their data is on developing nations, has predicted a 3.3% growth in our economy this year. We just hope it is real growth and not something driven by the devaluation of the naira.
“However, we can grow faster than this if we learn as a nation to put our food where our mouth is. Listening to the IMF and the World Bank has never helped us and will never help us. Our destiny is in our hands, and we can take deliberate and sustained steps to support our real sectors, nurse them, and encourage them to grow.”
While noting that the slogan “It will get hard before it gets better” was an overly flogged storyline that was far from the stark reality of things getting worse, the NLC President noted that Nigerians were demanding concrete, transparent, and visible measures that would help arrest the continuous slide of the country into deeper economic despondency.
“Stabilise it, then begin a pushback and grow our economy. Let us grow our economy by putting our people once again at the centre of our economic policies and governance. That is why we are worried that our fears concerning the neoliberal policies of the government are becoming manifest. The spate of borrowings leveraging future sales of our resources not only destroys our today but mortgages the future.”
. TheWitness
