President Bola Ahmed Tinubu has announced the introduction of N25,000 provisional wage increase to enhance minimum wage for the average low-grade worker for the next six months.
The President in his October 1 independence day broadcast to the nation said “`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
The president stated that he is attuned to the hardships that have come through reform’s by his administration to reposition the nations especially the fuel subsidy removal urge Nigerians to endure this trying moment.
“Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies arqe people who would build their family mansion in the middle of a swamp.
President Tinubu said the reforms may be painful, but it is what greatness and the future require. We now carry the costs of reaching a future of Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few.
“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 President added that his administration as part of efforts to relieve the hardship in the country embarked on several public sector reforms to stabilize the economy including 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.
He said the government has 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 groundbreaking moment where, as a nation, we embrace more efficient means to power our economy. In making this change, we also make history.
Other part of the statement reads: 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.
” Here, I salute and commend our gallant security forces for keeping us safe and securing our territorial integrity. Many have paid the ultimate sacrifice. We remember them today and their families. We shall equip our forces with the ways and means needed to perform their urgent task on behalf of the people,
“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.
