President Bola Tinubu’s New Year speech has sparked criticism from the Trade Union Congress (TUC), with its President, Festus Osifo, stating that the optimism conveyed in the speech does not align with Nigeria’s current economic realities.
According to Osifo, the presidency is prioritizing optimism over reality. He acknowledged that President Tinubu’s speech was designed to inspire hope, but emphasized that the economic policies implemented by the administration have contributed significantly to the country’s current challenges.
Osifo pointed out that the removal of fuel subsidies, liberalization of the exchange rate, and other economic measures have led to inflation surging to 34.19 per cent, with food inflation exceeding 40 percent. He also noted that the cash transfer program introduced by the government to cushion the impact of these measures has fallen short, with only 1.7 million people benefiting from the program as of December.
The TUC President emphasized that Nigeria lacks a comprehensive social security system, leaving millions of people vulnerable to economic hardship. He also criticized the government’s spending priorities, citing the recent purchase of a presidential jet and plans for a luxury yacht as examples of a disconnect between the government and the people.
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