TUC cries out, says economy is grounded
Trade
Union Congress of Nigeria
The Congress in a statement signed by its President, Comrade Bobboi Kagama,
bemoans the unpleasant situation in the country which has obviously stifled the
economy and claimed thousands of jobs due to closure of companies.
Part of the statement issued yesterday reads, “Aside fuel scarcity , the dearth of US dollars has made it impossible for firms to repay foreign loans and import needed materials for production of which the consequences is mass sack of workers , “ the statement noted.
The Congress maintained that its role as a labour centre is multifaceted.”We are saddled with the responsibility of functioning as change agents and watchdogs of both government and private businesses, with the issue of workers welfare as priority.
“But of late, our desk has been inundated with industrial issues, ranging from redundancy complaints to anti-labour practices, casualisation of workers to outright termination of employment. All these are caused because of unfriendly business environment.
“For instance, the food and beverage sector alone in the last few months has lost over 500 employees. The Naira currently exchanges for N197 to a dollar at the official window and N320 at the parallel market, and firms that borrowed dollar-denominated loans are facing the risk of foreclosure on assets pledged as collateral and loss of credibility among creditors because of exchange rate fluctuations”.
Part of the statement issued yesterday reads, “Aside fuel scarcity , the dearth of US dollars has made it impossible for firms to repay foreign loans and import needed materials for production of which the consequences is mass sack of workers , “ the statement noted.
The Congress maintained that its role as a labour centre is multifaceted.”We are saddled with the responsibility of functioning as change agents and watchdogs of both government and private businesses, with the issue of workers welfare as priority.
“But of late, our desk has been inundated with industrial issues, ranging from redundancy complaints to anti-labour practices, casualisation of workers to outright termination of employment. All these are caused because of unfriendly business environment.
“For instance, the food and beverage sector alone in the last few months has lost over 500 employees. The Naira currently exchanges for N197 to a dollar at the official window and N320 at the parallel market, and firms that borrowed dollar-denominated loans are facing the risk of foreclosure on assets pledged as collateral and loss of credibility among creditors because of exchange rate fluctuations”.
Check the Pilot newspaper for the full story.
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