President Bola Tinubu has announced a provisional wage increment of N25,000 monthly for low-grade workers for the next six months.
Tinubu made the announcement in his broadcast on the occasion of Nigeria’s 63rd Independence anniversary on Sunday, October 1, 2023.
The president stated that his government has embarked on several public sector reforms to stabilise 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.
President Tinubu said: “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. For the next six months, the average low-grade worker shall receive an additional N25,000 naira per month.
“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.
READ ALSO: FULL TEXT: Tinubu’s speech on 63rd independence
“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 conversions 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 ground breaking 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.”
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