The leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have decided to extend their strike ultimatum that they had previously issued to the federal government for an additional two weeks after consulting with their respective affiliate unions regarding the cash crunch policy.
The choice was announced to the public on Tuesday after being discussed with the National Executive Council members.
You might remember that the NLC had threatened to go on nationwide strike starting on Wednesday. The NLC intended to picket the various Central Bank of Nigeria branches as part of this threat.
However, it is unclear whether the decision to extend the ultimatum for an additional two weeks was motivated by a meeting between the NLC leadership and CBN that was requested by the Minister of Labour and Employment, Chris Ngige.
Although the cash crunch situation had significantly improved, according to NLC President Joe Ajaero, they still needed to monitor the cash disbursement through the commercial banks for another two weeks. They must make sure that the money is distributed properly, which is why.
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When he stated that there was a need to benchmark the government, Festus Osifo, the president of the TUC, echoed Ajaero’s sentiments. In addition to the lack of cash, he also discussed the high cost of electricity, the problems with fuel products, and the seemingly endless lines.
Osifo contends that the Central Bank of Nigeria (CBN) erred when it permitted public confidence in its monetary policy to decline; as a result, the CBN must rebuild public confidence within the two-week grace period.
