Nigerias New 100 Naira Note is a waste and ill timed - TUC

The Trade Union Congress ( TUC ) of Nigeria has finally let

loose its opinion on the recent release of the  said

New 100 notes in the country supposedly for the

commemoration of the nations Centenary,saying It

was wasteful and ill-timed.

In a statement by the TUC President, Comrade Bobboi

Kaigama " the unveiling of the notes by the President

Goodluck Jonathan, assisted by Vice President Namadi

Sambo before the commencement last week Federal

Executive Council ( FEC ) meeting on Wednessday was

grossly wasteful.

To butress his point, the Union went on to justify its

statement on the grounds that the new currency

project  was a capital project and at such would

eventually have a negative cost implication on the

Nations economy of which it doubts the CBNs ability to

control.

Aside from the wasteful nature of the poject, the TUC

commented on the inapporiate timing of the release

of the Currency saying that " the timing of the project

was inappropriate, coming so late in the year where

the economic hustel and bustle associated with

Christmas and New Year are High. These together with

insurgency and heightened state of Insecurity in parts

of the country towards the Forthcoming 2015 elections,

and the current slump in the global oil prices 

qantifed this as the worst possible time for such

drastic fiscay policy.

Commenting on the speedy and suspicious approach

invloved in the release of the said currency, the TUC

said " We are also uncomfortable with the clandestine

approach adopted by the federal Government and the

CBN on the matter. The Apex bank has disclosed that

the new notes will be in circulation from the 19th of

November 2014, implying that the project is already a

fait accompli.

In the past months , the Nigerian economy has been

experiencing some downward slopes perharps maybe

due to national unrest coupled with the dwndling oil

prices and the uncontrollable bomb blast of which the

most recent was the killing of about 47 School

Children ata school assembly in Potiskum ,Yobe State.

Views and opinion polls from concerned Nigerians on

the TUC , it was gathered that most Nigerians see the

new currency as a total shift from the growth graph

and at such introduction of the currency was a waste.

Nonetheless, others termed the invention as another

camoflaged or plot by the incumbent government to

pursue its dream of wining the Feb. 2015 general

elections of which was inline with the TUCs view point

When it sad" what is the quarrantee that this is not an

avenue for certain financial abracadabra ahead of

2015 elections