The Trade Union Congress has threatened to sue the Federal Government following the persistent scarcity of naira and hike in the price of petrol.
The Punch reported that the National President of the trade union, Festus Osifo said this on Thursday in a press conference at Abuja.
In his words, Nigerians are “on the brink of financial collapse” because of the naira redesign.
He stated, “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.”
The TUC leader said that the queues in fuel stations are becoming unbearable.
The organisation demands that there is a surplus supply of petrol at its official prices across the country.
According to TUC, “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 to earn far more income.”
Recall that TUC, on Tuesday, gave a 7 days ultimatum to the Federal government to proffer solutions to the current economic hardship.
The organisation would be taking actions upon the refusal of the federal government.
“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.”
