Naira Scarcity: TUC Threatens Legal Action Against FG

The Trade Union Congress on Thursday threatened to take “constitutional and legal ways” against the Federal Government following the ongoing naira scarcity and fuel price hike.

Speaking during a press conference in Abuja, the national president of the trade union, Festus Osifo, noted that many Nigerians are “on the brink of financial collapse” due to the policy by the Central Bank of Nigeria.

“The problem as you know is that Nigerians have been betrayed by the banking system which has been unable to pay them their money on demand.

“They have also been failed by the Federal Government which unilaterally decided to change the three highest denominations of the currency, fixed dates for the change, and is utterly incapable either to deliver on its promises or protect the populace from financial strangulation,” he said.

The Trade Union Congress on Thursday threatened to take “constitutional and legal ways” against the Federal Government following the ongoing naira scarcity and fuel price hike.

Speaking during a press conference in Abuja, the national president of the trade union, Festus Osifo, noted that many Nigerians are “on the brink of financial collapse” due to the policy by the Central Bank of Nigeria.

“The problem as you know is that Nigerians have been betrayed by the banking system which has been unable to pay them their money on demand.

“They have also been failed by the Federal Government which unilaterally decided to change the three highest denominations of the currency, fixed dates for the change, and is utterly incapable either to deliver on its promises or protect the populace from financial strangulation,” he said.

“The lengthy explanations on why there are long queues at fuel stations and prices of PMS being far above the official price can no longer be tolerated. All we demand is that petrol returns to fuel stations and is available at the official price across the country.

“As we have often stated, the answer to the fuel shortage question, is the local refining of our petroleum product needs. Local refining would add value to our crude oil, provide local jobs and not only save us foreign exchange but would enable us earn far more income.”.

On the steps to take should the government refuse to settle the pressing issues, Osifo said, “The TUC has no choice but to defend the populace and prevent any tragic scenario or situation.

“In furtherance of this and should these issues not be resolved in the coming days, the TUC and its comrades in the labour and social movements would begin consultations with various groups in the country to work out democratic, constitutional and legal ways and means to save the populace and our beloved country.

“The constitution states that sovereignty belongs to the Nigerian people and that all powers in the country must derive their legitimacy from the People’s sovereignty.”

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