The Nigeria Labour Congress has called on the Federal Government to urgently address the ongoing cash scarcity affecting the nation.
The plea was made by NLC President, Joe Ajaero, in a communique issued on Thursday in Abuja.
The communique was co-signed by Emmanuel Ugboaja, the NLC General Secretary, following the National Executive Council meeting held in Owerri.
During the meeting, Ajaero highlighted the growing concern over the persistent cash shortage, which he described as an unfortunate burden on the already struggling Nigerian populace. He noted that Nigerians are being forced to forfeit five percent of their funds whenever they access cash, a situation he called unacceptable and detrimental to the economy.
Ajaero emphasized that the cash scarcity is having a particularly devastating impact on small businesses and informal economy workers, worsening the already difficult circumstances faced by the poor and working-class citizens. He called for immediate government intervention to rectify what he termed a systemic failure and safeguard the financial rights of citizens.
The NLC President further urged the Central Bank Governor to take decisive action to ensure that sufficient cash is made available to support small business transactions and stimulate economic growth.
In addition to the cash scarcity issue, the NLC also expressed concerns about the tax bill currently before the National Assembly. Ajaero called for a halt to the bill, stressing the need for broader consultation and meaningful engagement with Nigerian workers. He criticized the politicization of the bill and the exclusion of key stakeholders, which he argued undermines its potential to effectively address economic challenges.
“The impact of this on small businesses and other informal economy operatives is huge as the situation poses serious disproportionate challenge to the poor and struggling workers and masses.
” The NLC demands immediate government intervention to rectify this systemic failure and protect citizens’ financial rights.
“We expect the Central Bank Governor to take steps to ensure that cash is made available to the citizenry to enable small business transactions and stimulate Economic growth,” he said.
