President TinPresident Bola Ahmed Tinubu has promised Nigerian workers a provisional wage increment to enhance the federal minimum wage without causing undue inflation.
For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.
Tinubu announced this in a national broadcast Sunday marking the 63rd independence anniversary of Nigeria.
He further said “To ensure better grassroots development, we 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.
“I pledged a thorough housecleaning of the den of malfeasance the CBN 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.”
