The Nigerian Trade Union Congress (TUC) has sharply criticised Bola Ahmed Tinubu’s 2024 budget, claiming that it only supports the ruling class while ignoring the general populace.
TUC President Comrade Festus Osifo and Secretary General Comrade Nuhu Toro voiced dissatisfaction and highlighted the budget’s significant N28.7 trillion allocation in a statement issued today. They said that in spite of the substantial amount, the provisions did not adequately address the urgent economic problems that the average Nigerian faces.
The TUC called attention to the allocation of N8.25 trillion for debt payments as a major concern.
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They said that the budget’s excessive emphasis on recurrent spending, which totaled N9.92 trillion, as opposed to capital expenditure, which totaled N8.7 trillion, limited the possibility of both economic growth and the reduction of poverty.
TUC said, “The budget’s structure seems tailored to serve the ruling class’s interests, neglecting the urgent needs of the wider population.”
The trade union movement denounced the hedonistic displays of riches made by certain members of the political elite, especially in light of the country’s high unemployment rate, widespread poverty, and related social and security threats.
The TUC demanded a change in the direction of policy and asked for quick action to deal with issues like rising fuel prices, inflation, currency devaluation, and the country’s excessive reliance on imports. They called for tougher regulations to stop officials from making needless loans to the government and from spending extravagantly.
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The TUC also emphasised the need for labour agreements to be put into effect, pushed for the timely payment of the N35,000 Wage Award to public employees, and called for a thorough examination of the country’s minimum wage.
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