Discover the TUC President’s insights on Nigeria’s 2025 budget, economic challenges, and the urgent need for a $280 billion budget to drive sustainable development. Comrade Festus Osifo, the President of the Trade Union Congress of Nigeria (TUC) and National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), shares insights on Nigeria’s economic challenges and offers potential solutions in this comprehensive interview with Christian Appolos. Key Achievements of the Labour Movement in 2024 Reflecting on 2024, Comrade Osifo highlights several milestones achieved by the labour movement, with the increase in the national minimum wage standing out. The wage was raised from ₦30,000 to ₦70,000—a 133% increment. While this falls short of labour’s expectations, it was a commendable achievement given the prevailing economic difficulties, including inflation, naira devaluation, and the removal of fuel subsidies, which have eroded the purchasing power of workers. Additionally, the Trade Union Congress (TUC) and its affiliates negotiated numerous collective agreements behind closed doors. In the oil and gas sector, for example, some branches secured remuneration increases of up to 200% without resorting to industrial actions. These successes, though largely unpublicized, underscore the labour movement’s effectiveness in 2024. Ensuring Compliance with the ₦70,000 Minimum Wage Labour has made significant strides in ensuring compliance with the new minimum wage. Within six months of its implementation, several states have already signed agreements and begun payment. For states lagging, high-level discussions are ongoing, and in 2025, TUC aims to hold all states accountable. Where necessary, directives will be issued to members to enforce compliance. Functional Refineries: Will Fuel Prices Drop? The TUC has long advocated for the revitalization of Nigeria’s refineries, such as those in Port Harcourt and Warri. However, Osifo explains that fuel prices are largely determined by the exchange rate. For instance, even as Dangote Refinery commenced production, fuel prices remain tied to the fluctuating cost of crude oil and the exchange rate. If the naira strengthens, fuel prices could drop significantly. For example, a ₦1000/USD exchange rate could reduce fuel prices to approximately ₦400-₦600 per litre. The National Budget and Borrowing Concerns The 2025 budget is set at ₦49.76 trillion, approximately $82 billion based on a projected exchange rate of ₦1500/USD. While this represents a nominal increase from 2024’s budget of ₦27.5 trillion ($38 billion at ₦700/USD), the devaluation of the naira means the real value has diminished. Comrade Osifo points out that Nigeria’s budget is disproportionately low for a country of over 200 million people. South Africa, with a smaller population, has a budget of approximately $128 billion. He argues that Nigeria’s budget should be at least $250 billion to address critical sectors like education, healthcare, and defense. The heavy reliance on borrowing to finance the budget is another concern. With ₦13 trillion earmarked for borrowing and ₦15 trillion allocated to debt servicing, the nation’s finances are increasingly strained. Osifo emphasizes the need to boost revenue generation to reduce the growing deficit and avoid a cycle of unsustainable debt. Expanding Revenue Sources Osifo stresses that Nigeria’s vast natural resources remain underutilized. From bitumen deposits in Ondo to gold in Zamfara, the country has untapped wealth that could significantly boost revenue. He calls for partnerships between the government and private sector to harness these resources. Furthermore, the gas sector presents enormous potential. Nigeria has some of the world’s largest gas reserves, yet projects like the Brass LNG remain stalled. Expanding the gas industry could replicate the success of the NLNG in Bonny and generate substantial revenue. Regarding taxation, Osifo advocates for broadening the tax net rather than increasing rates. With only 5% of Nigerians paying taxes and VAT collection efficiency below 10%, improving tax administration could yield significant returns. Turning Nigeria’s Economy Around in 2025 Osifo identifies the exchange rate as a critical factor in alleviating Nigeria’s economic woes. He suggests that the government implement policies to strengthen the naira, aiming for an exchange rate of ₦1000-₦1200/USD. This would directly lower the cost of goods and services, easing the burden on citizens. Additionally, the government must prioritize food security through massive investments in agriculture. Collaborative efforts between federal, state, and local governments are essential to encourage farming and ensure nationwide food production. Ensuring security across the country is also critical to achieving these goals. Conclusion Comrade Osifo’s insights underscore the urgent need for Nigeria to adopt bold and innovative measures to address its economic challenges. By increasing revenue, strengthening the naira, and making strategic investments in critical sectors, the nation can chart a path toward sustainable development and improved living standards for its citizens. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Traditional rulers in Southern Nigeria have called on both the government and citizens to leverage the lessons learned from the challenges of 2024 in order to accelerate the country’s economic recovery. The Southern Nigeria Traditional Rulers Council (SNTRC) expressed cautious optimism about Nigeria’s prospects for a brighter and more prosperous 2025. In a statement titled “Happy New Year Nigeria,” signed by the Publicity Secretary, His Eminence Dr. Eberechukwu Oji, the Eze Aro of Arochukwu Kingdom, the royal fathers extended their blessings for the nation’s future. They recognized that although 2024 brought profound challenges, it also showcased the resilience, unity, and strength of the Nigerian people. They urged citizens to carry forward the lessons learned and the hope for a more secure and economically stable country. The traditional rulers prayed for a year filled with renewed opportunities for growth, healing, and progress. They emphasized the importance of working collectively to address the nation’s systemic challenges and uplift every Nigerian. In a separate statement, the SNTRC expressed deep sorrow over the tragic stampedes in Anambra, Oyo, and Abuja, where over 70 lives were lost during palliative distribution events meant to alleviate economic hardships. The traditional rulers acknowledged that these events, despite their well-meaning intentions, highlighted the dire need for a more robust economy to prevent such tragedies in the future. “These painful incidents serve as reminders of the fragility of life and the need for collective vigilance to avoid further tragedies,” said SNTRC. They offered heartfelt condolences to the families of the victims, standing in solidarity with those affected. Furthermore, the SNTRC emphasized that these tragic events underline the urgent need for continuous efforts to address Nigeria’s economic issues. The desperation and overcrowding at the palliative distribution points are symptoms of deeper systemic challenges requiring immediate attention. The royal fathers urged the government to persist in improving the economic situation and creating more opportunities for citizens. Led by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, the SNTRC also called on event organizers to prioritize safety by involving security agencies in planning and execution. They recommended that crowd control measures, risk assessments, and emergency plans be integral to all public events to ensure the safety and well-being of all participants. “As we mourn the loss of so many, let us also reaffirm our commitment to building a safer, more secure, and prosperous Nigeria,” said SNTRC. The rulers reiterated that preventing such incidents in the future would honor the memory of those who tragically lost their lives. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The Labour Party (LP) has urged the Nigerian federal government to urgently address the growing hunger crisis that has claimed many lives across the nation. This call follows recent stampedes in Oyo, Anambra, and the Federal Capital Territory (FCT), where over 50 individuals, including children, tragically lost their lives while attempting to collect end-of-the-year palliatives. These incidents highlight the severity of poverty and desperation faced by millions of Nigerians. Labour Party’s Concern Over Rising Hunger Umar Farouk Ibrahim, the National Secretary of the Labour Party, expressed deep concern about the deteriorating welfare of Nigerians. In a statement on Monday, he criticized the government for failing to tackle the root causes of widespread hunger and poverty. “The truth is simple—there is hunger in the land,” Ibrahim stated. “Poverty has driven some Nigerians to take life-threatening risks, such as scooping fuel from accident scenes, which has resulted in devastating infernos and hundreds of casualties. These tragedies are becoming far too common.” Economic Challenges Fueling Desperation Ibrahim attributed the worsening hunger crisis to economic mismanagement and inflationary pressures caused by the policies of President Bola Ahmed Tinubu’s administration. He argued that the government’s reforms have imposed severe hardship on Nigerians, leaving millions struggling to survive. “Hunger is turning into an epidemic, and many cannot endure this situation much longer,” he warned. Call to Action: Prioritize Citizens’ Welfare Ibrahim emphasized that Nigeria’s abundant resources must be used to alleviate poverty and improve the welfare of its citizens. He criticized the government’s lack of concrete measures to address the hunger crisis, urging leaders to take decisive action to reverse the current trend. “The government must sit up and put its acts together. Nothing tangible has been done to ease the suffering of Nigerians or reduce poverty levels,” he added. Conclusion The Labour Party’s concerns shine a spotlight on the urgent need for effective economic management and social support systems to address Nigeria’s hunger crisis. Without immediate action, the situation could spiral further, endangering millions of lives. READ ALSO Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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President Tinubu Acknowledges HardshipPresident Bola Tinubu has acknowledged the challenging economic situation facing Nigeria and has called on citizens to endure what he described as “unintentional hardship.” Speaking during the 48th convocation ceremony of Obafemi Awolowo University (OAU), Ile-Ife, Osun State, Tinubu reassured Nigerians that the ongoing reforms are necessary to secure a brighter future for the country. Represented by the Special Adviser on Economy, Office of the Vice President, Tope Fasua, the President emphasized that his administration inherited both the assets and liabilities of previous governments. He expressed his commitment to making Nigeria work for all citizens, adding that the current economic pain is temporary. A Call for Cooperation President Tinubu stated: “I am not unaware of the harsh economic situation of our country, neither do I take pleasure in inflicting pain and anguish on my compatriots. However, we face the reality of policies from past administrations, which had limited positive impact on the majority of Nigerians.” He further urged Nigerians to support the government’s efforts to “fix, reconfigure, and correct past mistakes,” assuring that there is light at the end of the tunnel. Tinubu expressed optimism, saying: “Endure this unintentional hardship, so that, like today’s graduates, we can all celebrate and be celebrated at the end of the day.” Importance of Education in Nation Building The Chancellor of the university, Etsu Nupe, Alhaji Yahaya Abubakar, highlighted the critical role of education in driving national development. He stressed that investing in education is essential for positioning Nigeria among leading global economies. Similarly, the Pro-Chancellor, Professor Siyan Oyeweso, advised the 977 postgraduate students to use their acquired knowledge to contribute to building a nation filled with opportunities for future generations. Honorary Doctorates Awarded A key moment at the ceremony was the conferment of honorary doctorate degrees on distinguished individuals, including: These honorees were celebrated for their outstanding contributions to society. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
