Authorities insurance policies and devaluation of the naira are chargeable for the worsening value of residing, the Commerce Union Congress (TUC) has mentioned.
In a communiqué issued on the finish of its 2025 Q1 Nationwide Administrative Council assembly held in Abuja, yesterday, TUC President, Festus Osifo, maintained that the devaluation of the naira was the basis reason for the escalating costs of products.
The inflation price in Nigeria topped 34.8 per cent in December 2025.
Osifo, studying the place of the union, mentioned: “The NAC of TUC completely examined the basis reason for the persistent enhance within the costs of products and providers throughout the nation. It reaffirmed the conclusion it reached over a yr in the past. In February 2024, the TUC addressed a world press convention, the place it clearly acknowledged that the extreme devaluation of the naira was the first reason for rising inflation and the continual enhance within the costs of products and providers.
“The Congress additionally warned that this pattern would worsen inflation in 2024, impacting just about each sector of the economic system and severely affecting the social and financial well-being of Nigerian employees and the plenty if the options it canvassed weren’t adopted.”
TUC insisted that whereas it stays targeted on making strategies geared toward addressing the basis reason for the financial challenges confronting the nation, it calls for a greater overseas change administration regime from the Central Financial institution of Nigeria (CBN), saying the naira is at present undervalued.
TUC has urged the Federal Authorities to repair the roads that it intends to roll.
It insisted that tolling the roads with out fixing them was not acceptable to the organised commerce motion.
The central labour organisation additionally faulted the proposed 65 per cent enhance in electrical energy tariffs, saying, “It’s alarming that the federal government is contemplating this hike when the earlier increment has already inflicted extreme hardship on residents. This proposed enhance shouldn’t be solely ill-timed but additionally a deliberate act of financial oppression towards Nigerians, who’re already struggling beneath insufferable financial circumstances.”
TUC acknowledged that the improved service high quality promised over the last tariff hike particularly for customers beneath the ‘Band A’ class has not been realised.
