Cash Crunch May Spark Violence, Says NLC

Onyebuchi Ezigbo in Abuja

The Nigeria Labour Congress (NLC) has expressed deep concern over the ongoing cash crunch that has gripped the Nigerian economy, warning that the situation may invite people to violence if not checked.

A statement by the NLC President Joe Ajaero said the current state of affairs is particularly worrisome as the nation approaches the festive season.

“We are worried that by this action and others, the government may be inciting the people and mobilizing them to seek alternative routes for protecting themselves from these perverse policies. 

“We believe that the elastic limit of the patience of Nigerians is being breached and no government inflicts this level of pains on its citizenry and expects them to keep quiet for a long time. Forcing Nigerians into revolt by continuously taking actions that deny them basic access to survival will not augur well for our nation,” NLC said.

The labour union said the economic challenge has far-reaching implications for the citizens, adding that urgent steps must be taken to address this issue to prevent further hardships for the already suffering Nigerian populace.

While weighing in on the present hardship, NLC said Nigerians are spending more time in the banks trying to source for cash. 

“This is undermining confidence of the public in the banks and may discourage the citizenry from participating actively in banking. It is shameful that Nigerians would have to spend a lot of money to gain access to their hard-earned income. 

“We are creating another avenue for economic rentiers such as the POS operators and their collaborators in the banks to fleece Nigerians.

“Subjecting us again to spend our meagre salaries buying our money automatically devalues our income. POS operators currently charge around N400 to access N10,000. 

“This is about a four per cent reduction in the value of the income of poor Nigerians who hardly make use of electronic platforms to perform their transactions. For citizens who are already impoverished by the same policies of government, foisting this on them again, amounts to gross insensitivity and double jeopardy.

“This cash crunch is indeed another test of the already worn patience of Nigerian masses and workers,” it said.