The National Labor Congress claims that borrowing from the international financial institutions is worsening an economic crisis
Nigerian government workers and several other groups, including traders and students, staged nationwide protests on Tuesday, demanding that the government address the country’s escalating economic crisis.
The National Labor Congress (NLC), which organized the demonstrations, has asked authorities to stop borrowing from the International Monetary Fund (IMF) and the World Bank, claiming that such policies are exacerbating the West African nation’s economic woes.
“We are hungry. There is hunger in the land. There’s nobody that doesn’t know this. You can’t buy anything. Bread is out of reach,” NLC president Joe Ajaero told reporters during the protest in the capital, Abuja.
Living and transport costs in Nigeria have risen since President Bola Tinubu, who took office on May 29, ended a fuel subsidy as part of reforms aimed at cutting the budget deficit. The devaluation of the local currency – the naira – has increased the cost of goods.
Congress President, Comrade Joe Ajaero, leads on the front line . #EndHardshipNow! #EndHungerNow! pic.twitter.com/BjenSpwB8K
— Nigeria Labour Congress HQ (@NLCHeadquarters) February 27, 2024
According to the National Bureau of Statistics, inflation in Africa’s top oil producer shot up to almost 30% last month, the highest level in nearly three decades.