NLC asks Buhari to unfold economic blueprint…calls for massive investment in critical infrastructure

The leadership of Nigerian Labour Congress (NLC) on Tuesday urged President Muhammadu Buhari to untold the full economic blueprint without further delay.

Ayuba Wabba, NLC President gave the charge at the opening of the 3rd Delegates’ Conference of National Association of Academic Technologists (NAAT) held in Abuja.

Wabba also commended steps so far taken by the present administration to prevent the currency from further sliding as well as other measures taken to stop the country from being made a dumping ground for all manners of consumer goods.

The NLC chief who pledged support for policies that are directed at protecting national interest and the wellbeing of our people, urged the Buhari administration to be “firm in warding off those who wish that our economy should be run to benefit them and not for the benefit of the vast majority of Nigerian people.

“Given our state of development, our country needs a strong and bold developmental state, willing to invest in modernization of critical infrastructure like the railways, steel industries, petro-chemical industries and power infrastructure, to cite a few, to get our nation on the path of inclusive growth and development.

“We have followed the negative comments by international financial institutions on the state of our economy and as a result of some signs from the Buhari government manifesting some level of independence devoid of dictation from outside our shores on what our economic and fiscal direction should be.

“The delisting of Nigeria from Government Bond Index Emerging Market (GBI-EM) by the United States financial institution, JP Morgan, because of Central Bank of Nigeria’s stringent control measures to prop up the Naira after its devaluation in February is one such neo-liberal attempt to stampede our government into doing the wishes of the West.”

On his assessment of the Buhari’s administration over the past six months, Wabba who was represented by Peters Adeyemi, NLC deputy president argued that majority of Nigerians are yet to see any qualitative changes that the “change slogan” had promised during electioneering.

“It is either the rot the new government met upon assumption of office which has been overwhelming or emerging challenges resulting from dwindling economic fortunes symbolised in the fall in the price of crude oil at the international market, among others. Be that as it may, the President Buhari administration needs to appreciate that it is imperative that it does not squander the massive popular goodwill on the crest of which it rode to power and may still be enjoying up to now.

“Having waited for almost five months for President Buhari’s cabinet to be put in place, Nigerians expect the administration to put the budget for 2016 in place in double quick time so that the suspense and the doldrums the economy had witnessed since the change of government can begin to pick up.”

On the subsidy on petroleum products, the NLC President expressed disgust over the renewed push by vested interests for the new administration of President Buhari to increase fuel prices in the name of full deregulation.

“In an earlier statement on fuel scarcity that have hit various parts of the country resulting in fuel being sold for up to N300 per litre in some parts of the country as against the official price of N87 per litre, we had called on the government not to allow itself to be blackmailed into doing the bidding of the vested interests in the downstream sector, whose sole purpose is greed and more profits at the expense of the welfare and wellbeing of the people. We had called on the administration to take punitive measures against those hoarding the product.

“Those involved in the diabolical actions year in, year out, are hardened in their determination to extort money from the people. Those caught hoarding fuel should have their licenses to operate revoked, and their stations compulsorily acquired by the state and handed over to the NNPC mega stations to operate. This is the only deterrent that will stop the perpetual punishment that marketers – major, independent or minor – continue to subject Nigerians to at the slightest excuse.

“On the related issue about subsidy and deregulation, our 188 page NLC Report of the Committee on Deregulation, released in February 2010, for us has answered all the questions in this regard.

“The NLC will not accept a situation where in the quest to make quick money; our governing elite continue to sabotage refining of petroleum products in the country so that we continue to perpetually spend huge amount of money and the attendant pressure on our foreign exchange position, to import virtually all the fuel we consume in the country. For us, this is a case of extreme irresponsibility on the part of the political elite that have allowed this situation for so many years now.

For us in Congress, no amount of propaganda will persuade us to abandon our demand that the Nigerian government must ensure that we have refineries built (and repair the existing ones) so that we as an oil producing country will stop the shame of importation of almost all our energy needs – petrol, diesel, kerosene, etc, that we consume in the country,” Wabba said.