“We are largely borrowing to consume.”
In his commemoration speech, titled: “COVID-19 Pandemic and Its Socio-Economic Impact on the Nigerian Working Class,” to mark this year’s May Day, popularly called International Workers’ Day, President of NLC, Ayuba Wabba, said most borrowings by Nigeria have been used to finance consumption rather than production.
Waba pointed out that contradictions in the management of Nigeria’s hydrocarbon industry has also exacerbated the debt imbroglio and specifically identified government’s inability to rehabilitate the nation’s refineries in Port Harcourt, Warri and Kaduna as one of the major drivers of poverty in the country, insisting that massive importation of refined petroleum products for many decades is a sure way to bankruptcy.
“The habit of being penny wise pound foolish must end. It is no rocket science to fix old refineries. The technology for modular refinery is handy. We cannot rely on the promise of private refineries to fix the shame of being the only OPEC country that does not refine her crude. “Conscious that human beings are at the centre of existence and production, we must be prepared. We must gear up to protect income, promote decent jobs and advance sustainable livelihood. We must be willing to learn new skills that will keep us relevant in the 21st Century workplace.”
“We must educate our people. We must cultivate a healthy population. We cannot just keep loading our out-of-school children onto the back of lorries each time there is a pandemic. We need to fix our eyesore of 16 million out-of-school children.” He rejected the plan of the Kaduna State government to cut the salaries of workers in the state, describing it as unacceptable and vowing to resist the move in the spirit of solidarity and if he has implemented it, the salaries cut should be returned to the workers immediately.
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