Labour commends FG, National Assembly on June 12, Emefiele

Textile Workers Union (NUTGWN) General Secretary  Comrade Issa Aremu has expressed admiration to President Muhammadu Buhari and the outgoing Eighth National Assembly for okaying Central Bank of Nigeria (CBN) Governor Mr Godwin Emefiele for a second term   and the passage of the Public Holiday Act Amendment Bill, which recognizes June 12 as Democracy Day.

He said the speed with which they approved the two issues 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 consensus on the two issues was a “win-win” for Nigeria, adding: “Where there was the collective will”, there would be collective way for national development.

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Aremu noted that Emefiele defended the autonomy of the CBN against the neo-liberal forces that were pushing for the floating of the naira in the wake of the 2017 recession.

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

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