TUC Tells FG: Implement N800 to $1 Exchange Rate to Reduce Fuel Price

• Says FG should do more to secure citizens

Onyebuchi Ezigbo in Abuja

President of Trade Union Congress (TUC), Comrade Festus Osifo, has urged the federal government to strengthen the Naira to between N700 and N800 to one US Dollar, saying the high exchange rate remains central to rising cost of goods, including petrol pump price.

Osifo spoke at a press conference shortly after the union’s National Administrative Council (NAC) meeting in Abuja on Wednesday.

He said the federal government should take decisive steps to end the insecurity ravaging the country.

Osifo said while macro-economic indicators were picking up, with inflation gaining some stability and exchange rate strengthening, government could do better in area of microeconomics.

The TUC president recalled that in 2024 the congress presented a 15-point demand to the federal government, with exchange rate at its centre.

He said, “We cannot be tired talking about exchange rate because it is central to literally everything. Today, the official rate is just a little above 1,300 Naira to the USD, but we see that government can still do better.”

He added, “We commend the CBN governor Cardoso for the great work that he is doing in the Central Bank, but we can still do much more because we still believe that 1300 Naira to $1 is still undervalued.”

Osifo insisted that at N1,300 to the Dollar, Naira remained undervalued.

He stated, “From all international commentators, from economic think-tanks, both local and international, from scholars, currently our Naira is undervalued and is not trading at the strength it should.

“Yes, we knew that before, when it was around N400, it was overvalued, but today at N1,300 it is still undervalued. So, government should do everything possible to move the Naira to the right value.”

He also commiserated with families of security personnel who died in recent incidents. He recalled that a pilot involved In the Ondo State military jet crash had just gotten married weeks ago.

On insecurity, Osifo said TUC would want the federal government to deal decisively with the problem ravaging almost every party of the country.

He said the union was urging government to provide the security agencies with needed funds and equipment to prosecute the fight against the terrorists and bandits, adding that without stable country there will be no economic progress.

Osifo condemned the incident in Niger State that led to the death of about 37 persons in the custody of Nigeria Security and Civil Defence Corps, describing it as an aberration.

He stated, “We are quite happy that government immediately swung into action by setting up a committee, but we don’t want the committee report to just be another report gathering dust.

“Whoever is culpable, no matter how highly placed, must be decisively dealt with according to letters and spirit of the law.”

On workers’ clamour for pay rise, TUC said it expected the federal and state governments to begin minimum wage talks latest by February, six months to the expiration of the current Minimum Wage Act.

It urged government to engage workers on negotiation for appropriate increase in allowances and wage award in the interim.

The congress expressed support for the warning strike embarked upon by Joint National Council (JNC) of Federal Workers and said it will be ready to join in escalating the action should government fail to resolve the issues.

On the health sector dispute involving members of Joint Health Sector Unions (JOHESU), Osifo said the union resolved to send a letter to Coordinating Minister of Health and Social Welfare to hasten action on workers’ demands.