Cash Crunch: NLC, TUC Extend Strike Ultimatum By Two Weeks

The leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have extended their strike ultimatum it earlier issued the federal government for two more weeks, following consultations with their affiliate unions over the cash crunch policy.

The decision was announced on Tuesday, after a meeting with the National Executive Council members.

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

It is, however, 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.

President of the NLC, 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.

President of the TUC, 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.