The Trade Union Congress (TUC) leadership on Tuesday expressed concern about Nigeria’s escalating debt profile, urging the Federal government to promptly reduce borrowing.
This call to curtail borrowing is a key resolution from the TUC’s National Executive Council meeting in Abuja.
The TUC also cautioned against the potential risks associated with a recent memo from the Office of the Head of Service proposing a two-year tenure for labour leaders.
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TUC President, Festus Osifo, said that the current debt-to-income ratio is narrowing, posing a potential threat of increased hardships for the masses. He believes that failure to promptly address the issues raised by Congress could lead to industrial disharmony in the country.
Nigeria’s total public debt hit N87.38tn at the end of the second quarter of 2023. The figure represents an increase of 75.29 percent or N37.53tn compared to N49.85tn recorded at the end of March 2023, according to the Debt Management Office (DMO).
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