Union Wants Increased Bailout Fund For Textile Sector

The National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), has urged the Federal  Government to increase the amount of bailout funds for the revival of textile industries.

The National President of the Union, Comrade Dele Hunsu, stated this in a statement issued from the union’s secretariat in Lagos.

He said, “the union calls on the federal government to increase the bailout funds for the textile industry.”

The statement added that the union’s concern now is on what is needed for the effective means of implementing government policies on the revival of textile industries in the country.

The union call on President Goodluck Jonathan to review the transformation agenda of his administration so as to fast-track the revival process of the textile industries.

Also, the Secretary General of the union, Comrade Isaac Aremu, called on the federal government to consider the issue of the bailout plan initiated by former President Olusegun  Obasanjo’s administration and implemented by the Umaru Yar’adua administration, should  be reviewed for more funds to be injected  into the  sector.

He said the textile bailout had been misconstrued by some individuals in government as a charity to the  benefiting industries.

The  union’s scribe said  the union wanted to make it  clear to some people in government that the bailout fund for the textile sector was not a  jamboree rather a long-term loan managed by the   Bank of Industry (BOI) at a single digit interest rate as  against what is obtainable  in the  commercial  banks  for the  revival of the textile  industry that have been taken over by churches in the country.

The Tide  investigation  revealed  that 38 companies would be revived with the initial  bailout  fund of N100 billion given to resuscitate  ailing textile industries in the country.