Nigeria's unions suspend strike after government offers economic relief package amid rising living costs.
Nigeria’s labour unions have agreed to call off a planned strike in protest over rising living costs, after the government offered a package of measures to cushion the impact of its economic reforms.
The measures have seen fuel costs triple and inflation is now at 25 percent, prompting the Nigeria Labour Congress and the Trade Union Congress to call for an indefinite strike from Tuesday.But after several rounds of talks, unions and the government agreed late Monday to a last-minute accord to suspend the labour action.“The NLC and TUC accept to suspend for 30 days the planned indefinite nationwide strike,” the unions and government said in a joint statement.
As part of its package, the government offered a 35,000 naira a month pay increase for six months for federal employees, a temporary suspension of VAT on diesel and social security cash transfers to the poorest Nigerians.“We believe when it is cascaded down it will alleviate the pains that Nigerians are feeling.”
The Nigeria Labour Congress and the Trade Union Congress represent labour movements for industries from aviation workers and nurses to teachers and bankers.Tinubu a former Lagos governor elected in February in a tightly fought ballot has vowed to bring in more investment and revive the economy. He has named a new central bank chief who analysts expect will take a more orthodox approach.
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