Cash crunch: NLC, TUC shift strike by two weeks

“Nigeria College of Taxation and Fiscal Studies” Bill passes second reading
Leadership of the Nigeria Labour Congress and Trade Union Congress, on Tuesday, extended their strike ultimatum earlier issued the Federal Government for two more weeks, following consultations with their affiliate unions over the cash crunch policy.

Their decision was announced after a meeting with the National Executive Council members.

NLC had issued an ultimatum to embark on a nationwide strike from Wednesday, part of which was a plan to picket the various branches of the Central Bank of Nigeria.

But it’s not clear whether a meeting summoned by the Minister of Labour and Employment, Chris Ngige between the leadership of the NLC and CBN prompted the decision to extend the ultimatum for an additional two weeks.

NLC President, Joe Ajaero, had admitted that the cash crunch situation had improved considerably but that they need to monitor the compliance of cash disbursement through the commercial banks for two more weeks.

TUC President, Festus Osifo also corroborated Ajaero’s position, saying there was need to benchmark the government, not just concerning scarcity of cash but the challenges associated with fuel products and unending queues, including electricity tarrif.

Osifo said CBN had erred in eroding the confidence of the people regarding their monetary policy, hence they need to restore the confidence within the two weeks grace period.