The Nigeria Labour Congress (NLC) has announced a two-week postponement of its proposed industrial action concerning the Naira and fuel shortages.
During a press conference held in collaboration with the Trade Union Congress (TUC) in Abuja yesterday, NLC President Joe Ajaero stated that the delay is intended to assess the Central Bank of Nigeria’s (CBN) adherence to their demands.
Ajaero explained, “A day or two after our last briefing, we met with CBN deputy governors and presented proposals on the best ways to resolve the issues caused by the CBN. They took immediate action and have made considerable progress. Following yesterday’s conciliatory meeting with the CBN at the Ministry of Labour, we agreed to announce our stance after today’s NEC meeting. Based on reports from all states and local governments regarding banks’ compliance, we can confidently say that the CBN is complying.”
After its NEC meeting, the NLC decided to pause and observe banks’ compliance over the next two weeks to determine whether their actions are sustainable.
Ajaero stated that committees have been established at the national level and in all states to coordinate and report on banks’ compliance levels.
He also urged the CBN to fulfill its regulatory role in ensuring commercial banks adhere to its directives.
Regarding the fuel crisis and increased electricity tariffs, Ajaero said, “For those who have lived in this country for over 10 years, these are ongoing issues. Fuel and electricity tariffs are constantly being raised. PMS prices vary from state to state, and the CBN policy is affecting every aspect of life. Queues at petrol stations have begun to shorten as people now have access to cash.”
Ajaero attributed the long queues at petrol stations in part to the cash crunch and expressed optimism that the fuel crisis would alleviate as banks distribute cash to citizens.
