Economy
Nigerian Workers Give FG Ultimatum to Ease Economic Hardship
By Adedapo Adesanya
Nigerian workers under the aegis of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have given the federal government a two-week ultimatum to commence the implementation of policies that will reduce the negative impact of the government’s economic policies on citizens.
Nigerians have continued to lament economic hardship in the country as a result of the removal of the petrol subsidy and the devaluation of the Naira, both of which have led to an astronomical increase in the prices of goods and services.
In a joint statement, the NLC and the TUC said they were concerned about the “non-implementation of the 16-point agreement reached with the Federal Government on October 2, 2023.”
“These agreements which were reached with the federal government were focused on addressing the massive suffering and the general harsh socioeconomic consequences of the ill-conceived and ill-executed IMF/World Bank induced hike in the price of PMS and the Devaluation of the Naira,” the organised labour said.
“Constrained by this development and recognizing the urgency of the situation and the imperative of ensuring the protection and defence of the rights and dignity of Nigerian workers and citizens, the NLC and TUC hereby issue a stern ultimatum to the Federal Government, to honour their part of the understanding within 14 Days from tomorrow, the 9th day of February, 2024,” the Nigerian workers added.
Read the full statement below.
NON-IMPLEMENTATION OF AGREEMENT BY FEDERAL GOVERNMENT: DEEPENS MASS SUFFERING AND A SHOW OF BAD FAITH.
The Nigeria Labour Congress and the Trade Union Congress of Nigeria express profound concern over the non-implementation of the 16-point agreement reached with the Federal Government on October 2, 2023. Despite the passage of time, the majority of these crucial agreements remain unmet or negligibly addressed, indicating a blatant disregard for the principles of good faith, welfare and rights of Nigerian workers and Nigerians.
These agreements which were reached with the federal government were focused on addressing the massive suffering and the general harsh socioeconomic consequences of the ill-conceived and ill-executed IMF/World Bank-induced hike in the price of PMS and the Devaluation of the Naira. These dual policies have had as we predicted dire economic consequences for the masses and workers of Nigeria.
Widespread Hunger is now ravishing millions of Nigerians, with the workers’ purchasing power significantly eroded, while insecurity has assumed an increasing dimension. Nigerians are left wondering where their next meals will come from and what tomorrow might bring. The level of panic and anxiety amongst the populace has become nightmarish unfortunately, in the midst of all these, it appears our government is bereft of appropriate measures to ameliorate the huge burden it has foisted on the citizenry.
We wish to state that these agreements, which encompass a wide range of issues crucial to the well-being of Nigerian masses and workers, have not been honoured as pledged by the Federal Government. From wage awards and palliative adjustments to improved access to public utilities; to the meddlesomeness in the internal affairs of the National Union of Road Transport Workers (NURTW) and the interference by the Lagos State Government in union activities, the case of illegal and unlawful proscription of Road Transport Employers Association of Nigeria RTEAN. The government’s failure to uphold its end of the bargain is deeply regrettable and unacceptable to the Working people and the citizenry.
Constrained by this development and recognizing the urgency of the situation and the imperative of ensuring the protection and defence of the rights and dignity of Nigerian workers and citizens, the NLC and TUC hereby issue a stern ultimatum to the Federal Government, to honour their part of the understanding within 14 Days from tomorrow, the 9th day of February, 2024.
It is regrettable that we are compelled to resort to such measures, but the persistent neglect of the welfare of citizens and Nigerian workers and the massive hardship leaves us with no choice. Therefore, everything must be done within two weeks to avoid a situation where we may be compelled to take appropriate steps to protect Nigerian workers and the masses.
We call upon the Federal Government to honour its commitments without delay. The time for empty promises and excuses has passed. The time for action is now. Our patience has worn thin and the situation has become unbearable for workers and masses all over the federation. Further silence amounts to committing mass suicide and this remains the only feasible course of action left for us and Nigerians to -compel remedial action by the government.
We are committed to this resolve towards salvaging Nigerian workers and masses from the apparent insensitivity and lethargy of those in the corridors of power who are supposed to be the bastion of public trust.
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
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