The Trade Union Congress of Nigeria has called on the Federal Government to grant a 50 per cent tax relief to workers and manufacturing companies as part of urgent measures to cushion the economic impact of the ongoing Iran–United States conflict. TUC President Festus Osifo said the conflict has triggered a surge in global crude oil prices, leading to rising fuel costs, increased transportation fares and higher prices of goods and services, all of which are worsening the cost of living for Nigerian workers.
Osifo noted that despite Nigeria’s status as an oil‑producing nation, the benefits of higher crude prices have not translated into relief for citizens, as workers are grappling with imported inflation, exchange rate pressures and escalating living expenses. He warned that without urgent action, the combined effect of high production costs and declining consumer purchasing power could lead to job losses and business closures across key sectors of the economy.
Beyond tax relief, the union urged the government to deploy excess crude revenue to stabilise the economy, support local refining and protect vulnerable Nigerians from the shocks of global volatility. It also condemned the persistent increase in electricity tariffs without corresponding improvement in service delivery and called for universal metering. The TUC further linked worsening insecurity to declining food production, job losses and increased poverty, and called for a coordinated, intelligence‑driven security strategy.
