President Bola Tinubu has stated that the federal government is now collaborating with labor organizations to develop a new national minimum wage for Nigerian employees.
Tinubu made the remarks during the nationwide broadcast on Monday, July 31, 2023.
When an agreement with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) is finalized, the President promises that the upward review will be reflected in the next budget.
He said, “In the same vein, we are also working in collaboration with the labor unions to introduce a new national minimum wage for workers. 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 provision for it for immediate implementation.”
Tinubu, who is carrying out these measures in a bid to cushion the effect of the removal of fuel subsidies, has also approved N50 billion for small businesses in the country.
He urged Nigerians to suffer the pain of the reduction of fuel subsidies, telling them that things would improve.
“Our administration recognizes the importance of micro, small, and medium-sized enterprises and the informal sector as drivers of growth. We are going to energize this very important sector with N125 billion,” he stated.
“Out of the sum, we will spend N50 billion on conditional grants to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.
“Ultimately, this program will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 and N1 million at 9% interest per annum and a repayment period of 36 months,” he said.
