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Borrowing foreign currency to support Naira devaluation shortsighted approach — NLC
The two apex labour centres, the Nigeria Labour Congress and Trade Union Congress on Wednesday, said it acknowledged the federal government’s recognition of the mistake in floating the Naira, leading to significant devaluation and inflation.
NLC President, Joe Ajaero, however, argued that borrowing foreign currency to support the Naira was a short-sighted solution that may worsen the country’s economic situation.
At the May Day festivities in Abuja, the Labour movement said the dominance of international financial institutions like the IMF and World Bank in shaping policies undermines national interests and perpetuates dependency.
Ajaero lamented that businesses are shutting down, with significant losses incurred due to government policies. Nigeria’s economy has slipped to the 4th largest in Africa while others with similar contexts thrive due to better leadership and policies.
He said a select few benefit while the masses suffer and that petrol price hikes enrich the elite while the devaluation of the Naira further impoverishes the majority.
His words, “Our nation faces escalating poverty, dwindling opportunities, and widespread disillusionment. Genuine businesses struggle, unemployment soars and the government remains indifferent.
“However, there’s hope if the government re-evaluates its policies, prioritizes the welfare of its people, and supports local industries.
“We demand an end to disastrous policies like excessive borrowing and corruption. We need transparency in governance and accountability for public funds.
“Bold leadership is required to steer our nation towards recovery. President Tinubu has the chance to lead us towards a brighter future by putting the interests of Nigerians first.
“Let us act now to build a more equitable and prosperous Nigeria for all, ensuring a future free from deprivation and despair. Together, we can forge a path towards a brighter tomorrow for every citizen”.
On the energy crisis currently plaguing the country, the two labour centres decried what they termed as an uninspiring approach to managing our energy resources, warning that it spells doom for any nation.
They stated that the country is being crippled by this very incompetence and selfishness, leaving citizens and the economy vulnerable.
Labour also insisted that power, regardless of its origin, fuels economic growth. Oil and Gas are lifelines for energy success worldwide. It’s imperative for the government to collaborate with the people to ensure energy benefits all Nigerians, not just a privileged few.
On the fuel crisis, the TUC President, Festus Osifo, said Labour demands prompt action on our refineries, saying promises remain unfulfilled, while operational ones in the private sector fail to ease the people’s suffering. There is suspicion of sabotage to profit from importing, at the expense of our economy. The recent refinery agreement lacks transparency, echoing past exploitation in other sectors.
“Claims of trillions spent on PMS subsidies baffle us. We demand clarity from the government on who benefits and who consumes the 40 million litres of projected daily consumption
“The power sector’s plight persists a decade after privatization. Conflict of interest hampers progress, and higher tariffs for nonexistent electricity are unjust. We reject unilateral and illegal tariff hikes and demand adherence to due process.
“A 300% tariff hike would devastate domestic manufacturers. Consumer classification perpetuates inequality, akin to apartheid, endangering field workers’ lives.
“Reassessing privatization is crucial for progress. Despite billions invested, grid collapses persist, and generation remains stagnant. Tanzania’s recent action underscores the need for change. The government must reclaim control and account for revenue from its stake.
“We commend states pursuing independent power generation and urge swift action to break monopolies and empower consumers nationwide. Let us unite to ensure energy serves all Nigerians, driving our nation’s prosperity.
“The NLC and TUC hereby advise NERC and Power sector operators to reverse the last increase in electricity tariff within the next one week,” Labour noted.
Nigerians dominated the list of Africa’s Most Talked About People of 2024 by Top Charts Africa.
Nigerians occupied 18 spots in the top 30 recently released via the chart body’s website.
Nigerian singer, Wizkid, is number one on the list. Wizkid has been on the trend table year-round following his renewed beef with Davido and the release of his new album, ‘Morayo.’
President William Ruto of Kenya took the number 2 spot.
Ruto made global headlines in June when thousands of Kenyans took to the streets in protest of legislation increasing taxes. Following the storming of the Kenyan Parliament, President William Ruto reportedly rejected the Bill on 28 June and signed into law the “Appropriations Bill 2024” to address the budget shortfall caused by the rejection.
Nigerian afrobeats singer, Davido is ranked at number 3. Davido year-long trend climaxed with his much-publicised wedding to his wife, Chioma, in June, tagged ‘Chivido 2024.’
Nigeria’s President, Bola Ahmed Tinubu; President of Dangote Group, Aliko Dangote; former Prime minister of Kenya, Raila Odinga; controversial Nigerian crossdresser, Bobrisky; South African singer Tyla; Nigerian politician, Peter Obi, and South Adrian music star, Liema Pantsi, complete the top 10.
Baltasar Engonga, the controversial Equatoguinean former public official who became an Internet sensation after his intimate videos surfaced online also made the list.
Full list:
1. Wizkid
2. President William Ruto
3. Davido
4. President Bola Ahmed Tinubu
5. Aliko Dangote
6. Raila Odinga
7. Bobrisky
8. Tyla
9. Peter Obi
10. Liema Pantsi
11. Rema
12. Rigathi Gachagua
13. Khosi Twala
14. Former President Uhuru Kenyatta
15. Ademola Lookman
16. Asake
17. Very Dark Man
18. Drill
19. Nyesom Wike
20. President Cyril Ramaphosa
21. Reno Omokri
22. Rose Owusu Konadu
23. Victor Osimhen
24. Baltasar Engonga
25. Sharon Ooja
26. Toyin Abraham
27. Babu Owino Paul
28. Chidimma Vanessa Adetshina
29. Danny Walter
30. Pastor Enoch Adeboye
The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has alleged that former President Muhammadu Buhari is part of a plot to unseat President Bola Ahmed Tinubu ahead of 2027.
Primate Ayodele revealed that Buhari is being influenced by some Northern cabals who are determined to undermine Tinubu’s government.
He disclosed this during the release of his 95-page 2025 prophecies on Friday, December 20, 2024.
According to Primate Ayodele: “Former President Muhammadu Buhari is part of the plot to unseat President Tinubu in 2027. Although he is being dragged into it by Northern cabals, he will play a role. If Tinubu isn’t on alert, he will be shocked by those who would stand against him in 2027.”
Additionally, Primate Ayodele stated that opposition parties in Nigeria are not serious and have not demonstrated readiness to take the presidential seat in the country.
“Opposition parties are not yet ready to win elections in Nigeria. They are a bunch of unserious people who only want to make personal gains. If they are serious about winning in 2027, they need to form one strong coalition; otherwise, it will remain just a dream.”
Speaking further, Primate Ayodele noted that the former governor of Osun, Rauf Aregbesola, will make a major move in the state’s politics and that his movement could evolve into a political party.
“I still maintain that Rauf Aregbesola is a significant factor in Osun State politics. His movement will transform into a kind of political party. If the APC wants to win the state, they should work with Aregbesola; otherwise, they will fail,” he added.
The founder of Salvation Proclaimers Anointed Church, SPAC Nation, Tobi Adegboyega, has claimed that he will be more influential in Nigeria than in the UK.
His remarks follow the UK immigration upper tribunal’s approval of his deportation due to an alleged £1.87 million fraud charge.
Despite the ruling, Adegboyega vehemently denied the fraud allegations, calling them baseless and unsubstantiated.
In a preview of an upcoming Off The Record podcast episode, when asked if SPAC Nation was the only church facing such accusations, he emphasized the church’s success in the UK and Europe.
“We are the largest independent church in the UK and Europe right now,” he claimed.
He added, “If I am in Nigeria, I will be bigger than this, 10x maybe. If I am in Paris, I will be happier. It’s holiday for me. London will miss me, so you better tell them, we still need this guy, nobody is close to us entertaining us.”
Wizkid, Tinubu, Baltasar Engonga, others make ‘Africa’s most talked about people of 2024’
Buhari, Northern cabal part of plot to unseat Tinubu, opposition not ready – Primate Ayodele
I’ll be bigger in Nigeria – Pastor Adegboyega scheduled for deportation claims
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