…Says over N1 trillion from subsidy removal saved
President Bola Tinubu has revealed that negotiations with the Organised Labour on the upward review of pay were ongoing, as part of his administrations overall objectives to lessen the effects of inflation on Nigerian workers.
Tinubu, who made the revelation at the Presidential Villa in Abuja, while participating in a nationwide broadcast, stated that once the conditions of a new minimum wage were agreed upon, budget provisions would be created to pay the review.
The Presidents elimination of a nearly four-decade-old petrol subsidy on the day of his inauguration struck the economy hard and caused bouts of inflation, which further reduced the purchasing power of the populace.
He, however, commended organisations in the private sector that have already taken the initiative to increase the general remunerations of their employees.
In the same vein, we are also working in collaboration with the Labour 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 provisions for it for immediate implementation, he declared.
The President further revealed that Nigeria has been able to save over N1 trillion from the removal of petrol subsidy in a little over two months of the policy.
According to him, In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive petrol subsidy to smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your family.
After acknowledging and pleading with Nigerians to endure the pain brought by the reforms, president mentioned other palliatives that would be rolled out to ease the suffering.
He vowed that his administration will be committed to all his campaign promises to make life easier for the citizens, saying, And principle we shall never falter.
