ZAINAB JUNAID
President Bola Ahmed Tinubu on Sunday announced a provisional wage increase of ₦25000 for low grade workers for the next six months.
In a Presidential Broadcast to celebrate the 63rd anniversary of Nigeria's independence, President Tinubu said his administration having discussed with labour, business and other stakeholders, will be introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation.
"For the next six months, starting from October the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month," he said.
This development is coming after the announcement of the Nigeria Labour Congress and Trade Union Congress to embark on an indefinite strike with effect from October 3, 2023, to protest the alleged failure of the Federal Government to provide post-subsidy palliatives for workers and implement policies that could alleviate the sufferings of the masses after the removal of the fuel subsidy.
The President, recalling how he announced the end of fuel subsidy - a bold reform necessary to place the nation on the path of prosperity and growth, said that his government will not sit back and watch his subjects shoulder burden that should have been shed years back.
His words, "At my inauguration, I made important promises about how I would govern this great nation. Among those promises were pledges to reshape and modernize our economy and to secure the lives, liberty and property of the people.
“I said that bold reforms were necessary to place our nation on the path of prosperity and growth. On that occasion, I announced the end of the fuel subsidy. I am attuned to the hardships that have come. I have a heart that feels and eyes that see. I wish to explain to you why we must endure this trying moment.
“Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies are people who would build their family mansion in the middle of a swamp. I am different. I am not a man to erect our national home on a foundation of mud. To endure, our home must be constructed on safe and pleasant ground.
“Reform may be painful, but it is what greatness and the future require. We now carry the costs of reaching a future in Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty and hardship are pushed into the shadows of an ever-fading past.
“There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future."
POST SUBSIDY PALLIATIVES/TRANSPORT
The president emphasized that his government is doing all that it can to relieve the stress post subsidy has caused the citizens and households in the country.
“My government is doing all that it can to ease the load. I will now outline the path we are taking to relieve the stress on our families and households.
“We have embarked on several public sector reforms to stabilize the 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.
“To ensure better grassroots development, we have set up an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.
“Making the economy more robust by lowering transport costs will be key. 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. These buses will operate at a fraction of current fuel prices, positively affecting transport fares.
“New CNG conversion kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process. We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs,
“This is a groundbreaking moment where, as a nation, we embrace more efficient means to power our economy. In making this change, we also make history," he said.
On FISCAL AND MONETARY POLICY
President Tinubu noted that wise tax policy essential for the development of the economy is underway.
“I pledged a thorough housecleaning of the den of malfeasance the Central Bank of Nigeria had become. 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.
“Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.
“To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.
“Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households."
Encouraging the citizens, the president said, “Fellow compatriots, the journey ahead will not be navigated by fear or hatred. We can only achieve a better Nigeria through courage, compassion and commitment as one indivisible unit.
“I promise that I shall remain committed and serve faithfully. I also invite all to join this enterprise to remake our beloved nation into its better self. We can do it. We must do it. We shall do it."
