President Bola Tinubu has announced a six-month temporary wage increase for some workers in the country.
The President announced the increase in his first Independence Anniversary speech on Sunday. The wage increase is to help cushion the effects of the fuel subsidy removal, which has led to a surge in the cost of living in the country.
“Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation,” President Tinubu said.
“For the next six months, the average low grade worker shall receive an additional Twenty Five Thousand naira per month.”
Nigerians have struggled under the weight of the subsidy removal which has seen the price of petrol rise from below N200 to over above above N550 in some parts of the country and more than N600 in some other parts. Citizens have also have to battled with the implication of a significantly weaker naira.
With labour unions threatening to go on strike due to the hardship faced by millions, the President appealed for endurance as his government “is doing all it can to ease the load”.
“There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago,” he said.
“I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.”
Beyond the wage increase for selected workers, the President also announced other actions it had taken to help.
One of them is to embark on public sector reforms “to stabilise he economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable”.
President Tinubu also noted the infrastructure Infrastructure Support Fund the Federal Government set up for states to invest in critical areas.
One of the areas immediately impacted by the fuel subsidy removal is the transport sector with the cost of transportation soaring.
The President, noting that lower transport cost will strengthen the economy, explained that action has also been taken to improve the situation in the transport sector.
“In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation,” he said.
“These buses will operate at a fraction of current fuel prices, positively affecting transport fares.
“New CNG conversions kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process.”
The government’s cash transfer programme is also being expanded as part of efforts by the government.
“Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households,” the President said.
Other steps being taken by the government includes a thorough housecleaning of the CBN which, according to the President, has become “the den of malfeasance”.
He said, “That housecleaning is well underway. A new leadership for the Central Bank has been constituted. Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences.
“Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.”
By Ignatius Igwe
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