NLC weeps over $150bn looted funds across Nigerian states

… demands tough sanction on looters, wants drastic reduction in imports

The national executive committee (NEC) of the Nigeria Labour Congress (NLC) has wept, in Port Harcourt, the Rivers State capital, over the $150 billion estimated to have been looted from Nigeria and hidden in foreign banks in the past few years.

The NLC top leaders wondered what else was left in Nigeria if all that much had been sneaked out of the country.

In a communiqué issued at the end of the NEC meeting presided over by Joe Ajaero, president, NLC, said: “With over $150 billion stolen and stacked away in foreign banks all over the world, we need not search further for any other reason for the perennial decay and the sorry state of critical infrastructure.”

Labour expressed support for President Muhammadu Buhari’s efforts in tracking down the looted funds and demanded for strengthening of anti-corruption agencies to mount greater fight against looting.

It also frowned at salary structure of lawmakers in the country and demanded for a review. The communiqué also stated: “NEC in session further expressed the view that perhaps the best way for President Buhari Administration to fight corruption is to keep focus on the development agenda and ensure that resource mobilisation and allocation reflect the need and aspiration of the majority of our people and not the greed and the obscene lifestyle of the few.”

On the economy, the NLC observed that by all indices, Nigeria was now in a recession with falling revenue, rising inflation, fluctuating exchange rates, gradual decline of the Gross Domestic Product (GDP), declining household income and increasing unemployment.

The NEC therefore opined that it was time to “rethink our economic development strategy from foreign reserve guzzling import dependent framework to a system that will deliberately stimulate and promote sustainable productive activities in agriculture and manufacturing geared towards exportation of made- in- Nigeria products.”

The NEC in session reiterated that the development of the real sector particularly iron, steel and automobile, mining, textile and garment, were quite critical for creation of mass decent jobs, elimination of poverty and for building a virile and sustainable economy.

The congress said it was going to engage the new administration on these is- sues through campaigns and policy advocacy.

It further demanded for a macro-economic policy regime that would address stability in the currency exchange regime, progressive tax administration and the management of customs and excise duties in manners that will promote local production of goods and services.

“Finally, the con- gress demands an end to the destructive regime of duty waivers,” it said.