The President of the Nigeria Labour Congress (NLC), Abdulwahed Omar, on Thursday urged the Federal Government to divert the N40 billion budgeted for production of N 5000 note into infrastructure development.
He gave the suggestion at the 8th Delegates Conference of the Metal Products Senior Staff Association of Nigeria in Lagos.
Represented by Mrs Amina Danesi, an ex-officio of NLC, Omar said that the government should spend the N40 billion on repairs of roads, power and the informal sector, with a view to attaining its Vision 20:2020.
“Since our country has over N40billion, we suggest the money should be spent on power sector, informal sector and roads, to ensure the growth of the economy and to achieve industrial heights in the year 2020,’’ Omar said.
He commended the intervention of the Senate in the plan of the Central Bank of Nigeria (CBN) to introduce the new N5000 note into the nation’s economy, adding that the lawmakers should stop the implementation of the policy.
According to him, the structure of the Central Bank of Nigeria (CBN) needs a review for the implementation of better policies for the economy.
He said that the introduction of N5, 000 notes would be a complete contradiction to the policy of a “cashless” society.
Omar noted that the cashless policy was geared at reducing the cost of producing currency notes and coins, as well as easing the burden of carrying a lot of cash from one point to the other.
“We are totally opposed to the N 5, 000 note policy and call on the National Assembly to halt this plan immediately in the interest of our economy,’’ the NLC leader said.
He also called on President Goodluck Jonathan to hasten the resolution of all outstanding labour issues in the power sector.
He advised the government to withdraw armed security personnel from power stations, so as to settle issues amicably. (NAN)