President Bola Tinubu on Sunday announced a new minimum wage of N55, 000, as he declared that low grade workers will now earn N25,000 more, even as a new social safety net policy that will cover about 15 million Nigerians, starts from this October.
The President who stated this in his October1 broadcast to mark the nation’s 63rd Independent anniversary, said the N25,000 additional pay will last for the next six months.
Read also: Nigeria @63: Full speech of President Bola Tinubu on October 1
The President 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 Twenty-Five Thousand naira per month.
President Tinubu who stated that he is attuned to the hardships that followed the ongoing economic reforms, added that “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.
The President who said Nigerians must endure the reforms, even though they may be painful, added that “but it is what greatness and the future require.
“We now carry the costs of reaching a future 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.
The President said the government has 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.
“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 Twenty-Five Thousand 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.
Says FG to deploy CNG driven buses nationwide
According to him, “ 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.
He disclosed that the government is also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs.
Read also: Tinubu will avoid raising taxes, focus on reforms- Oyedele
“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.”
President Tinubu also pledged a thorough housecleaning of what he described as “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.
“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.
“My administration shall always accord the highest priority to the safety of the people. Inter-Service collaboration and intelligence sharing have been enhanced. Our Service Chiefs have been tasked with the vital responsibility of rebuilding the capacities of our security services”.
Read also: Nigeria: 63 years of a ‘potentially’ great nation
The President commended Nigeria’s gallant security forces for keeping the country safe and securing the nation’s territorial integrity.
“We shall continue to make key appointments in line with the provisions of the Constitution and with fairness toward all. Women, Youth and the physically challenged shall continue to be given due regard in these appointments”
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