The Trade Union Congress (TUC) has urged the Federal Government to “stop mortgaging the future of Nigerians” by taking numerous foreign loans.
The Congress told the government to look inwards by harnessing the country’s natural endowments for its financial needs.
Mohammad Yunusa the union’s National Treasurer, who pairs as President-General of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC), made this known in Abuja while addressing newsmen at the end of the union’s Central Working Committee (CWC).
The TUC further criticized the government for the rising cost of living in the country, saying such development defeats the importance of the National Minimum Wage, which some states are yet to implement.
In a joint communiqué by Ayo Olorunfemi, the General Secretary of SSASCGOC, the labour leader insisted that the Federal Government improves the welfare of the citizens and the workers, The Nation reports.
The communiqué reads: “CWC-in-Session is alarmed at the rising cost of living in the country that has made minced meat of the National Minimum Wage, which some states are yet to implement.
“CWC-in-Session vehemently detests the heavy government external borrowings to avoid mortgaging the future of Nigeria. We call on the government to look inwards to harness the country’s national/natural endowments.”
The Senate, last week, approved President Muhammadu Buhari’s N2.3 trillion foreign loan request. As Nigeria’s debt rises, experts have called on the federal government to ensure monies borrowed are used for its intended purposes, with a stable repayment system, to ensure the economic stability of the country.
Recall, that the debt management office of Nigeria placed the country’s public debt at $87.239 billion, which is about N33.107 trillion. As external debt stock declined from $33.348 billion in December 2021 to $32.86 billion due to the redemption by Nigeria of the $500 million Euro bound in January 2021, stakeholders are worried about the rising debt of the country, amidst rising poverty and unemployment.
