Nigeria @63: Tinubu increases low-grade workers pay

During his nationwide address in commemoration of Nigeria @63 Independence Day celebration, President Bola Ahmed Tinubu unveiled a significant economic initiative. He announced a provisional wage increase designed to bolster the income of low-grade workers over the next six months, providing them with an additional monthly income of N25,000. This initiative, borne out of extensive consultations with labor representatives, business leaders, and various stakeholders, aims to elevate the federal minimum wage without instigating undue inflationary pressures.

In recognition of the economic challenges faced by households following the removal of fuel subsidies and the unification of exchange rates, President Tinubu outlined a comprehensive set of measures being implemented by his government. These measures encompass public sector reforms to ensure economic stability, the strategic direction of fiscal and monetary policies to combat inflation, and a renewed commitment to securing lives and property. Additionally, there is a strong emphasis on supporting the disadvantaged and vulnerable segments of the population as part of the government’s overarching strategy.

Additionally, President Tinubu announced the expansion of cash transfer programs to reach an additional 15 million vulnerable households starting this month. Furthermore, his administration established an Infrastructure Support Fund to facilitate state-level investments in critical areas for grassroots development. States have already received funds to provide relief packages in response to rising food and commodity prices.

In the realm of public transportation, the government introduced cost-effective and safer Compressed Natural Gas (CNG) buses nationwide. These buses are expected to operate at significantly lower fuel costs, positively impacting transport fares. Plans are also underway to expedite the procurement of new CNG conversion kits, along with the establishment of training facilities and workshops to empower transport operators and entrepreneurs, marking a significant shift towards more efficient and sustainable transportation methods.

President Tinubu emphasized that his administration is actively providing investment funding to promising enterprises that can drive employment growth and increase urban incomes. Moreover, there is a commitment to enhancing support for micro, small, and medium-sized enterprises (MSMEs) to stimulate economic growth and development.