Thursday, 01 May 2025 04:54

May Day: Nigerian workers grapple with soaring costs as Tinubu’s economic policies deepen crisis

Rate this item
(0 votes)

As Nigerian workers join the global commemoration of Workers’ Day, the mood is far from celebratory. Instead, the Nigeria Labour Congress (NLC) has painted a grim picture of widespread suffering, blaming President Bola Tinubu’s economic policies for exacerbating the cost-of-living crisis and pushing millions deeper into poverty.

Since Tinubu took office in May 2023, his administration’s economic policies—including the abrupt removal of fuel subsidies and the floating of the naira—have triggered skyrocketing inflation, a collapsing currency, and unprecedented economic hardship. Official data underscores the severity of the crisis:

- Inflation has surged to 33.2% (March 2024), the highest in nearly three decades, with food inflation at a staggering 40%.

- The naira has lost over 70% of its value against the dollar since the forex liberalization policy, driving up import costs and crippling businesses.

- Fuel prices have jumped by over 400% since subsidy removal, pushing transport and food costs to unbearable levels.

- Despite a nominal N70,000 minimum wage, real wages have plummeted, with the National Bureau of Statistics (NBS) reporting that 63% of Nigerians (133 million people) are multidimensionally poor.

NLC: "Workers Impoverished, Dehumanized"

NLC President Joe Ajaero delivered a scathing assessment, declaring that workers have faced "one anti-worker policy after another" under the current government.

"The ruling elite have ganged up against workers and the masses," Ajaero said. "They promote impoverishment, exploitation, and slavish wages while enforcing oppressive policies dictated by global financial institutions."

He highlighted the struggle to implement the N70,000 minimum wage, with many state and federal agencies defaulting, leaving workers struggling to survive.

A System in Crisis

Ajaero accused the Tinubu administration of deepening Nigeria’s "two-class society"—where the rich grow wealthier while workers and the poor bear the brunt of austerity measures.

"Capitalism devours jobs, strips dignity, and widens inequality," he said. "The state, instead of protecting workers, has become an enforcer of exploitation."

Despite the challenges, the NLC vowed to intensify its fight for living wages, full implementation of labour laws, and resistance against neoliberal policies.

"Our liberation will not be gifted—it must be won," Ajaero declared. "We must demand not just crumbs, but our fair share of the bread we bake."

What’s Next?

Analysts warn that without urgent intervention, Nigeria’s cost-of-living crisis could spiral further, fueling social unrest.

As the world marks Workers’ Day, Nigeria’s labor movement stands at a crossroads—fighting not just for better wages, but for survival in an economy that has left millions behind.

May 30, 2025

Nigeria's $3bn fashion drain: How import dependence undermines local textile industry

Nigeria's fashion sector is hemorrhaging billions of dollars annually due to overwhelming reliance on imported…
June 02, 2025

Afenifere blasts Tinubu: ‘Midterm report shows woeful failure, economic deforms, and rising despair’

The pan-Yoruba socio-political organization, Afenifere, has issued a scathing midterm assessment of President Bola Tinubu’s…
June 01, 2025

Her daughter was taken and sent abroad - 44 years later, they found each other

The last memory Han Tae-soon has of her daughter as a child is in May…
May 31, 2025

Tools made of whale bones reveal inventiveness of prehistoric people

Artifacts found at archeological sites in France and Spain along the Bay of Biscay shoreline…
June 02, 2025

Boko Haram IED blast kills 9 in Borno, gunmen abduct bus passengers in Benue

Nigeria witnessed two separate but deadly attacks over the weekend, underscoring the persistent insecurity plaguing…
June 02, 2025

What to know after Day 1194 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia and Ukraine step up the war on eve of peace talks On…
June 02, 2025

Opportunities and challenges unveiled: How AI revolutionizes education and mental health support

Terence Ma Tin Shu Play time helps both kids and adults in prevention and healing…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.