The Trade Union Congress (TUC) of Nigeria has stated that the 2024 budget signed by President Ahmed Bola Tinubu, primarily favours Nigeria’s ruling elite while neglecting the broader population.
In a statement released today, the TUC denounced the budget, saying it did little to alleviate the economic challenges faced by ordinary Nigerians.
President Comrade Festus Osifo and Secretary General Comrade Nuhu Toro jointly expressed disappointment, highlighting the budget’s allocation of N28.7 trillion.
They emphasized that despite the substantial figure, the provisions failed to address critical issues affecting citizens, citing the allocation of N8.25 trillion for debt servicing as a primary concern.
The TUC criticized the budget’s disproportionate focus on recurrent expenditure at N9.92 trillion compared to capital expenditure at N8.7 trillion.
They argued that the allocation lacked the potential to stimulate economic growth and alleviate poverty, highlighting the imbalance in the budget’s design.
“The budget’s structure seems tailored to serve the interests of the ruling class, neglecting the pressing needs of the wider population,” stated the TUC’s release.
The Congress condemned the ostentatious displays of wealth by some members of the political class while the economy struggled, pointing to the high unemployment rate, pervasive poverty, and associated social and security risks as pressing issues demanding attention.
The TUC’s statement urged a shift in policy focus, calling for immediate measures to address inflation, currency devaluation, high fuel prices, and the nation’s overreliance on imports. They demanded stricter measures to curb unnecessary government loans and frivolous spending by officials.
Furthermore, TUC stressed the necessity for implementing labour agreements, advocating for prompt payment of the N35,000 Wage Award to public servants and a comprehensive review of the national minimum wage.
