Comrade Joe Ajaero, the National President of the National Labour Congress (NLC), has issued a scathing critique of the current administration’s economic policies, decrying the impact of recent reforms on the average Nigerian citizen.

Speaking at the 21st Edition of the Daily Trust Dialogue organized by Media Trust Limited in Abuja on Thursday, Ajaero highlighted the hardships faced by the populace, notably pointing to challenges arising from the removal of fuel subsidies, privatization failings, and rampant inflation.

Other speakers at the event included the Minister of Information and National Orientation, Mohammed Idris Malagi; former Minister of Finance and National Planning, Shamsudeen Usman; the immediate past Director General of the Abuja Chamber of Commerce and Industry (ACCI), Victoria Akai; former Chairman of Nigeria’s Independent National Electoral Commission (INEC), Prof. Attahiru Jega, among others.

The 21st Edition of the Daily Trust Dialogue provided a platform for diverse perspectives on President Bola Ahmed Tinubu’s economic reforms. While some speakers expressed concerns about the impact on the common people, others presented a more optimistic view of economic projections.

However, the call for accountability, responsible reporting, and continuous constructive engagement emerged as common threads in the discussions.

Ajaero started his address by expressing discontent with the influence of international bodies on local economic decisions, citing the NLC’s recent confrontations with the World Bank.

“The directives to further increase prices of petroleum products originated from the World Bank and IMF. Two months ago, we had a tough time engaging with the World Bank, which was urging an increase in petroleum product prices,” he said.

Reflecting on the government’s attempts at privatization, Ajaero criticized the evident failure of such strategies, highlighting the sale of assets worth over $5 billion for only $1 billion.

He used the power sector as a key example of this failure, noting the high cost of privatization followed by an alarming N1.8 trillion annual subsidy.

“If you read yesterday’s newspapers, you would have seen that five power companies, previously valued at over $5 billion, are now set to be sold for just $1 billion. Despite past projections of a N1.8 trillion naira annual subsidy, these policies have not succeeded,” Ajaero added.

He drew an analogy, stating, “It’s like selling your house for N2 million and then giving the new owner N10 million for repairs. Such a political economy is unheard of elsewhere.”

Addressing an audience of key policymakers and stakeholders, Ajaero outlined the broader economic effects, such as the severe devaluation of the naira and the subsequent rise in the cost of imported goods.

He vividly described the impact of subsidy removal, with fuel prices soaring from N187 to around N700—a burden disproportionately shouldered by ordinary citizens.

The NLC President emphasized the predicament of everyday Nigerians, whose wages have languished behind the escalating costs.

“We are witnessing public disasters that yield private gains: a few individuals profit while the public suffers. The real losers are those who have seen the price of imported goods jump from N200 to N700. They are the ones whose transportation costs have quadrupled without any corresponding increase in their wages. They suffer from unimplemented wage increases. Ultimately, the common people are the losers, and economic policies have done little to alleviate their distress,” he explained.

In his impassioned speech, Ajaero also questioned the rationale behind non-justiciable policies that fail to serve the public good, as advocated by Chapter Two of the 1999 Constitution.

He argued that such policies only deepen the national debt, burdening future generations.

The NLC President criticized the government’s approach to economic growth, questioning the effectiveness of subsidies and palliatives and pointing out the adverse effects of poor policies on the populace.

“Negative publicity is not the real issue; the negative impact of poor policies is. As a professional with a media background, I can confirm that we report what we see. The harsh reality is that many Nigerians live on less than one dollar per day, and the situation has worsened after the subsidy removal. Locally produced goods have become exorbitantly expensive,” he clarified.

Ajaero pointed to the power sector as a stark example of a failed privatization effort and the inability of the private sector to effectively manage the power supply, leading to a ‘comatose state’ of the sector.

He urged the government to adopt a conscious master plan that benefits all Nigerians, rather than a select few.

Drawing attention to the recent decision by the central bank to charge a fee for cash withdrawals, Ajaero predicted that such policies would only worsen the economic crunch faced by Nigerians.

He called for a policy reversal, emphasizing the need for the government to reassess its strategies and consider the wider socio-economic implications of such measures on the populace.