Labour hails FG, NASS on June 12, Emefiele

The organised labour has hailed the constructive collaboration and engagement between President Muhammadu Buhari and the outgoing 8th National Assembly in ensuring prompt approval of the renewal of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN) and the passage of the Public Holiday Act Amendment Bill which recognises June 12 as Nigeria’s […]

The organised labour has hailed the constructive collaboration and engagement between President Muhammadu Buhari and the outgoing 8th National Assembly in ensuring prompt approval of the renewal of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN) and the passage of the Public Holiday Act Amendment Bill which recognises June 12 as Nigeria’s Democracy Day.

President Muhammadu Buhari nominated Emefiele for another five year tenure as CBN governor. Last Thursday, during plenary, the senate passed the amendment in concurrence with the House of Representatives which approved June 12 as the new Democracy Day sequel to the adoption of a report by Sen. Ahmad Lawan, the Majority Leader, of the Senate to concur with the House in December, 2018.

The bill was passed almost one year after President Muhammadu Buhari announced that the date would replace May 29 for Nigerians to commemorate the return to civilian government.

In a statement at the weekend in Lagos,  Issa Aremu, Nigeria Labour Congress (NLC) NEC member and General Secretary of the Textile workers union (NUTGWN), observed that the bipartisan consensus on  Emefiele’s re-appointment and June 12 as the new Democracy Day should be sustained in the  resolution of urgent critical national issues such as re-industrialisation, inadequate electricity supply, insecurity, human capital development, endemic infrastructural deficit and poverty eradication.

He said the remarkable consensus on the two issues was a “win-win” for Nigeria, adding that “where there was the collective will” there would be collective way for national development, adding that both arms of government deserved a praise for the deal.

Aremu said it would go on record that Emefiele as the CBN governor commendably defended the autonomy of the CBN against the neo-liberal forces that were pushing for unhelpful floating of Naira with the attendant unhelpful massive devaluation in the wake of the 2017 recession.

He said the relatively stable exchange rate had allowed for national planning and business decisions needed for growth and development.

He, however, noted that the most significant achievement of the CBN governor in the first tenure was development financing which according to him “has revolutionised rice production and is rekindling the hope of revival of cotton production” through cheap long-term credit and direct purchase and supply of inputs for farmers.