TUC Declares — that the 2024 budget is crafted to cater to the interests of the ruling class.

The Trade Union Congress of Nigeria (TUC) has expressed concern over the recently signed N28.7 trillion 2024 budget by President Ahmed Bola Tinubu, alleging that it was primarily tailored to favor the “ruling class” at the expense of the broader population. In a New Year message, TUC, represented by its President, Comrade Festus Osifo, and Secretary General, Comrade Nuhu Toro, lamented the dire state of the country’s economy and criticized the budget’s provisions.

According to TUC, the allocation of N8.25 trillion for debt servicing in the 2024 budget is insufficient to stimulate national economic growth or alleviate the prevalent poverty faced by ordinary Nigerians. The organization highlighted the alarming 33.3% unemployment rate, widespread poverty, and the indifference of the political class. TUC warned that such conditions, combined with ostentatious displays by some in the political class, create a volatile situation akin to a powder keg.

The TUC message emphasized the challenging economic conditions, citing the inability of the manufacturing sector to access forex for importing raw materials. It criticized the actions of a privileged few who exploit the nation’s resources, including scarce forex, for personal gain. The union called for a more equitable distribution of resources and a focus on policies that genuinely uplift the economic well-being of the majority of Nigerians.

“This unfortunate trend has resulted in the shutdown of numerous factories and businesses, leading to the displacement of millions of Nigerians from their jobs, causing severe social, economic, and security consequences.

The Federal Government proposed a budget of N27.5 trillion for the 2024 Appropriation year, the highest on record but paradoxically low in real value considering the current economic conditions and exchange rate.

Overall, the fragile state of the economy has, ironically, not revitalized our hope but rather dampened it. For instance, the budget allocates N9.92 trillion for recurrent expenditure, N8.7 trillion for capital expenditure, and N8.25 trillion for debt servicing. This allocation is unlikely to stimulate economic growth or alleviate the widespread poverty experienced by Nigerians, revealing a budget primarily designed to favor the ruling class.

Expressing optimism that a positive turnaround is possible with sincere and responsible leadership, the Trade Union Congress (TUC) lamented that 2023 was a year of lost opportunities and dashed hopes due to policies that caused the naira’s depreciation and the economy’s spiral out of control.

Despite the challenges, TUC commended the resilience of the oppressed Nigerians who refused to succumb to the difficulties posed by the depreciating value of wages, low purchasing power, and the overall high cost of living. Among its demands for 2024, TUC urged President Tinubu’s administration to implement all agreements between labor and the government, including the prompt payment of the monthly N35,000 Wage Award to public servants at various levels.

Furthermore, TUC called for a reduction in inflation, currently at 28.20%, to the Sub-Saharan African regional average of 9.4%. The union also demanded an end to unnecessary government borrowing, devaluation of the national currency, and the sale of Naira in the streets due to Central Bank-induced scarcity.

TUC emphasized the need for national security, recommending that the performance of military and security chiefs be evaluated based on the safety of Nigerians. It urged the government to prioritize community policing and citizen mobilization against bandits and terrorists.

Additionally, TUC called for dialogue with marginalized groups, emphasizing unity among Nigerians to assert authority over all branches, levels, institutions, and organs of the government in the promising year of 2024.”