Tinubu’s decision to float Naira caused current economic woes – TUC

President of the Trade Union Congress, TUC, Comrade Festus Osifo has carpeted President Bola Tinubu over his decision to float the Naira against the dollar, saying it was the cause of the current economic travails in the country.

He lamented that a situation where almost everything imported into the country is paid for in foreign currency poses great pressure on the Naira.

Osifo while addressing a press conference on the State of Nation on Thursday, also attributed the prevailing food scarcity on the inability of farmers to go to farms.

According to the TUC leader, government must find a way of addressing challenges associated with food production, especially in Benue and Plateau states which are major staple food zones of the country.

He equally advised government to implement zero import duty on manufacturing equipment, insisting that because these equipment have the potential of job creation, industrialist should not be over burdened with taxes.

He said, “What is causing the economic challenges is traceable to the floating of the Naira, this is the primary issue responsible for the economic challenges.

“We have identified how it has affected our economy. Because almost everything is imported into this country and you need the dollar components to facilitate the importation.

“We also identified why food is expensive. It is because farmers cannot go to farm, look at Benue and Plateau states, they can’t go to farm.

“We also identified the input that goes into our manufacturing sector through import duties, which is priced in dollars against the Naira. We have told government to do everything possible to remove import duty or peg the exchange rate at a particular level.”