The Federal Government has been advised by the Trade Union Congress (TUC) to prioritize reducing the cost of governance as a means to save more funds for addressing other pressing needs.
TUC President, Festus Osifo, shared this recommendation during an appearance on Channels Television’s Sunrise Daily on Friday.
Osifo emphasized that the money saved from the removal of fuel subsidies should be utilized to support the most vulnerable citizens in Nigeria.
He stated, “The government has informed us that significant savings will be achieved once the subsidy is eliminated. Therefore, a portion of these funds should be allocated to the welfare of Nigerians, particularly those who are vulnerable.”
In addition, Osifo urged the government to actively explore opportunities for generating additional revenue for the country.
He highlighted the fluctuating exchange rate and the increased value of the Nigerian naira in relation to the US dollar as factors that could potentially benefit the government’s finances.
“It is crucial for the government to display creativity and innovation in order to enhance the country’s revenue,” Osifo asserted.
He also reminded the present administration of its campaign promise to boost revenue generation and foster economic growth, emphasizing the need for thorough deliberation and effective implementation of strategies.
Despite acknowledging that complete fulfillment of their demands during negotiations with the Federal Government might not be feasible, the TUC leader expressed confidence that reducing the cost of governance would result in significant savings.
He stated, “We understand that we may not achieve 100 percent of our negotiation demands; we have our minimum threshold. However, by reducing the cost of governance and implementing the measures we have proposed, we believe that funds will be made available.”
Osifo further confirmed that the negotiations between the labor union and the FG would continue on June 26.