[07:06, 01/08/2023] Adie Patrick : President Bola Tinubu says the federal government and the labour unions are working to determine a new minimum wage for Nigerian workers.
Tinubu who spoke in a national broadcast on Monday evening promised that the upward review would be reflected in the next budget once the agreement is reached with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
The president added that the federal government has saved over one trillion naira in the past two months following the withdrawal of the subsidy on petrol.
Some of the savings will be used as low-interest loans for businesses, including small, medium and micro enterprises, the president said.
The statement reads;
“In the same vein, we are also working in collaboration with the labour unions to introduce a new national minimum wage for workers,†he said.
“I want to tell our workers this: your salary review is coming.
“Once we agree on the new minimum wage and general upward review, we will make budget provisions for it for immediate implementation.â€
Since the federal government withdrew the petrol subsidy, the decision has continued to generate mixed reactions from Nigerians.
To mitigate the economic impact of the decision, the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have demanded that the federal government increase the national minimum wage from N30,000.
Asedeyhappenblog had reported that the labour movement has issued a seven-day ultimatum to the federal government to reverse all “anti-poor†and “insensitive†policies or face a nationwide indefinite strike and mass protests.
The union said since Tinubu’s declaration that “subsidy is gone foreverâ€, Nigerians have been suffering.
The strike and mass protest are expected to commence on August 2 if the government fails to yield to lablabor’smands.
But the federal government has also asked the union to embrace dialogue rather than embarking on mass action, citing an existing court order barring the labour from going on strike.
[11:03, 01/08/2023] Adie Patrick : Economy: Tinubu To Share N50,000 To 1,3000 Business Owners
[11:30, 01/08/2023] Adie Patrick : Among many things said yesterday by President Bola Tinubu during the evening broadcast, one thing that stood out is the economic growth of the nation as almost everyone is depending on the good economic policies he has to offer.
Given this, Tinubu’s government has promised to give N50,000 each to 1,300 small business owners in all local government areas in the country, stressing that N50 billion will be utilised for the project.
In addition, he said his government will spend another N75 billion to expand the manufacturing sector to create jobs for Nigerians.
The president said the fund will be spent from July 2023 to March 2024 as a mechanism to finance no fewer than 75 enterprises to begin sustainable economic growth in Nigeria.
His administration's plan on this is that about N125 billion has been set aside to fund the micro, small and medium-sized enterprises as well as the informal sector, acknowledging their importance to economic growth.
The statement reads;
“To strengthen the manufacturing sector, increase its capacity to expand and create good-paying jobs, we are going to spend N75 billion between July 2023 and March 2024,†Tinubu said.