The National President of the Trade Union Congress (TUC), Festus Osifo, has called upon President Bola Ahmed Tinubu’s administration to enact economic measures to stabilise commodity values and address the persistent demand for a review of the minimum wage by workers.
The TUC President made the call during the inaugural Southwest Trade Union Congress of Nigeria Labour Summit, themed “Repositioning the Labour Movement amid Economic Decline in Nigeria,” held at the International Conference Centre, University of Ibadan, Oyo state. Nigeria.
Osifo voiced concerns over the deteriorating living standards experienced by Nigerians, particularly the working class, due to rampant hyperinflation.
Highlighting the economic hardships faced by citizens, Osifo emphasised the urgent need for policies to mitigate the erosion of purchasing power caused by skyrocketing living costs.
He urged the adoption of inclusive strategies, involving experts in micro, macro, fiscal, and monetary policies, to alleviate the widespread hardship gripping the nation.
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Osifo underscored the necessity of continuous dialogue regarding minimum wage adjustments in light of the significant inflation rate, which exceeded 34 percent.
He emphasised the need for wage increases to reflect the diminishing value of currency and the escalating prices of basic commodities since the last wage review in 2019.
In his speech, Oyo State Governor Seyi Makinde, represented by Deputy Governor Barrister Bayo Lawal, reaffirmed the state’s commitment to prioritising workers’ welfare. Makinde assured workers of prompt payment and expressed readiness to engage in tripartite negotiations to determine an equitable minimum wage for workers in the state.
Makinde commended the ongoing collaboration with labour unions and pledged to sustain efforts toward socio-economic development, including timely salary disbursements and pension payments.
Chairman of the Trade Union Congress, Oyo State Council, Comrade Bosun Olabiyi-Agoro, expressed gratitude for the state government’s support and affirmed the summit’s role in addressing issues affecting workers in the Southwest region.
