The National President of the National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE), Comrade Anthony Abakpa, in this interview with CHRISTIAN APPOLOS, spoke about what the Federal government must do to turn the current economic situation in the country around for the better. Excerpts…
How would you assess the performance and welfare of workers in 2024? Were there notable improvements or challenges?
For workers in the Banking and Insurance sector, 2024 was very tough. However, on the provision of welfare and decent working environment in the sector, there were significant improvements. The issue of occupational health and safety, employers in the sector don’t treat it with levity. They significantly place more premium on the lives of workers. They tried their best without much compromise.
Employers in the sector have largely implemented the new minimum wage from the top ranking officer to the last person in the industry. For those that have not fully implemented it, we are pursuing them, and are certain they will do so soonest.
But generally, in 2024, Nigerian workers faced a mixed reality: while there were notable efforts to improve welfare, including increased minimum wage and pension, these were overshadowed by inflation, subsidy removal, and rising unemployment. Progress was made, but the economic strain often outpaced benefits, leaving many workers struggling to make ends meet.
How have the economic policies implemented by the current administration impacted workers? Can you provide examples or highlight key effects?
First of all, I will say the policies implemented by the current administration impacted workers in a very terrible way. Again, the removal of the fuel subsidy led to hardship and increment in prices of goods and services, causing businesses to bleed, many sources of livelihood shutdown and suffering became excruciating.
Fuel is one commodity that connects to everything business and survival in Nigeria. So the removal of subsidy on fuel unleashed untold hardship on all Nigeria especially those in the lower ladder and every means of livelihood across the country. We are still undergoing excruciating hardship till this very moment because of it.
Additionally, workers have been particularly affected as the policies have contributed to the income disparity, with those who have fixed income being worst hit. Also, the economic reforms seems to have more negative impact than positive, because only few individuals are benefiting from the changes, while rest of the country’s population are languishing.
The current fuel subsidy removal regime may have a good tendency, but it is to the disadvantage of the poor, especially those whose earnings are very low. So to make real progress, the government must find a way to turn around the situation to cushion the enduring economic hardship and suffering of the citizens. Government must find a way to lift the citizens up from abject poverty and suffering.
So long as government policies are rather pushing majority of the citizens down beyond the poverty line, there really won’t be economic growth. Government and its officials must leave the theories and mathematics they do on the air and face the truth and reality.
Government must employ a step by step strategy of multiple solutions starting from the key sectors of the economy and then move into every sector in order to rescue Nigeria from the unfortunate state it’s in. The current administration must find a way to take the right steps and implement the right policies. President Tinubu-led government must understand that it will be counterproductive if it continues to lie to itself. Therefore, the government must retrace its steps and then take the right direction and action if it must lift both the country and its citizens up from falling and crashing completely.
Given the current economic realities, do you think Nigeria’s economy would benefit if the President and his team pursued alternative economic policies? What specific changes or measures would you recommend to address the hardship faced by Nigerians?
Considering the heightened current economic hardship resulting from the policies of the government, policies that promote social protection will be the best alternative to turn the situation around. The President and his team must think and act differently in the direction of the social security safety net. The country also needs policies that stabilizes the economy especially the market forces and empowers the citizens to invest and buy more in order to get up from its kneels.
While the government borrows money, it must also design strategic economic policies that will be citizens’ driven to pull out of economic depression. Borrowing money every now and then without investing in human capital development will not help our situation. A set of genuine citizens oriented policies will do the magic.
In fact, 2025 should be the year the government jettisons the idea and policies of milking the citizens dry and feeding a few, the governance of making policies that benefits few individuals at the detriment of millions. All the countries in the world that made it out of the woods and progressively making economic growth waves, are those that looked inward and decided to invest and empower their citizens. They drive their economy through human capital development and social security safety net. Governance theories, mathematics and policies that do not make the citizens the central driven force will never succeed. Practical example is the family. Any family that wants to succeed must build a strong structure starting with its members.
The more government policies fail to lift the citizens from poverty, the more economic growth will be far from reality. The more poverty stricken a family is, the more worthless it will be in the community or village. Therefore, the right and best alternative policies to go side by side with fuel subsidy removal, tax and tariff increase regime policies can only yield the desired result if only the government will prioritize social protection. This is because withering grasses and plants can never make a forest.
Hand to hand with this, is prioritization of security. Government must up its game in the area of security. Nigeria has become a playground for all sorts of security threats. The height of insecurity in the country will never give room for economic growth. Agriculture is a top-notch factor for any country that wants to conquer high unemployment rate, poverty and attain great heights in economic growth. But with the rate of kidnapping, banditry and terrorism in every part of the country, farmers are abandoning their farms. Many people who would have invested their money in farming are going elsewhere. So if you allow insecurity such as we are experiencing in Nigeria to continue, agriculture will not thrive and the consequences will be much dire.
So I repeat, like policies that promote social protection, the government must place a premium on security of lives and properties. There must be zero tolerance for insecurity. Those who attach ethnic sentiment to criminal, terrorism and banditry groups and their acts, must receive sense and repent from such mindset for the sake of a sane, secure and prosperous country for all. Nigeria’s growth and progress depends on it. Government must prioritize investments in security and agriculture. All of these if prioritized will definitely attract both foreign and local investments. And the narrative will change for the better.
Looking at the direction of this administration’s economic policies, do you believe 2025 will bring better prospects for workers and Nigerians in general? What are your expectations?
President Tinubu’s government in 2025 should design policies that are tailored towards promoting economic growth by reducing poverty and improving the standard of living of every citizen.
Whatever his government is planning to do in the name of governance or policy direction must have rich elements of poverty alleviation. Another important thing it must do is to find a way to reduce inflation. Nigeria’s business environment is in shambles today because of inflation. The government must do something drastic to push down inflation. So I expect that the President and his team will wear their thinking cap and find a way to turn things around for the better.
