Labour re­jects Sanusi’s call for naira de­val­u­a­tion

Daily Trust - - BUSINESS - From Dick­son S. Adama, Kaduna

The Gen­eral Sec­re­tary of the Na­tional Union of Tex­tile and Gar­ment Work­ers of Nige­ria (NUTGWN), Com­rade Issa Aremu, has re­jected a call by the Emir of Kano and former Cen­tral Bank of Nige­ria (CBN) Gover­nor, Mal­lam Muham­madu Sanusi II that the naira be de­val­ued and fuel sub­sidy re­moved.

In a state­ment he signed, Aremu ad­vised Pres­i­dent Muham­madu Buhari to be weary of pol­icy that could fur­ther un­der­mine growth and de­vel­op­ment and worsen poverty in the coun­try.

“The twin pol­icy rec­om­men­da­tions of naira de­val­u­a­tion and re­moval of fuel sub­sidy as rec­om­mended by the re­spected emir amount to some pol­icy dic­ta­tor­ships that must be re­jected by Pres­i­dent Muham­madu Buhari. The Naira in, re­cent times, has lost its value dras­ti­cally. The ex­ist­ing de­val­ued rate of N197 to a dol­lar has fur­ther eroded wage in­come of mil­lions of work­ers, in the area of the pre­vail­ing cases of un­paid salaries and wors­en­ing poverty.

“De­val­u­a­tion has also in­creased the cost of do­mes­tic pro­duc­tion, fu­eled price in­fla­tion and un­der­mined the com­pet­i­tive­ness of lo­cally sur­viv­ing industry, lead­ing to loss of ex­ist­ing few jobs. To fur­ther rec­om­mend naira de­val­u­a­tion as Emir Sanusi did is an un­ac­cept­able ex­change rate pol­icy overkill. De­val­u­a­tion is a false eco­nom­ics in a non­ex­port­ing, im­port-de­pen­dent econ­omy like Nige­ria. We im­port every­thing, in­clud­ing in­dus­trial in­puts while we ex­port no in­dus­trial good that can take the ad­van­tage of de­val­u­a­tion,” he said.

Aremu said the new ad­min­is­tra­tion should re­ject one-cap-fits-all pol­icy dic­tates, adding that there is no sub­sti­tute for good gov­er­nance and em­ploy­ment gen­er­a­tion.

CBN Gover­nor, Mr God­win Eme­fiele

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