President Bola Tinubu announces a temporary wage increment, which he says will improve the federal minimum wage without triggering excessive inflation.
This, he said, was based on talks with labour unions.
In a broadcast to commemorate the country’s 63rd independence day anniversary on Sunday, he said, “For the next six months, the average low-grade worker shall receive an additional N25,000 per month”, ($32 in the I&E window or $25 in the parallel market).
President Tinubu also emphasised the importance of grassroots development and announced the establishment of an Infrastructure Support Fund to enable states to invest in critical areas.
“Already, states have received funds to provide relief packages that counter the impact of rising food and commodity prices“, he explained
The President also unveiled a nationwide deployment of more cost-effective and safer Compressed Natural Gas (CNG) buses, “These CNG buses will operate at a fraction of current fuel prices, which is expected to have a positive impact on transport fares“, he said
President Tinubu characterised this moment as a ground-breaking one for the nation, emphasising the transition to more efficient means of powering the economy while making history.
He reaffirmed his pledges made at his inauguration, particularly his commitment to reshape the economy and ensure the welfare of the people, including “the bold move to end the fuel subsidy.“
Though acknowledging the hardships associated with these reforms, President Tinubu stressed their necessity for Nigeria’s future prosperity and the equitable distribution of its wealth.
He outlined other strategies, including public sector reforms to stabilise the economy, combat inflation, and provide critical support to the underprivileged.
He also highlighted ongoing efforts to clean up the Central Bank and a Committee on Tax Reforms to foster economic fairness and business-friendly fiscal policies.
President Tinubu emphasised the nation’s shared values, underscoring the imperatives of peace, prosperity, tolerance, and justice.
Writing by Bello Wakili; Editing by Saadatu Albashir and Julian Osamoto