Tinubu in Nigeria offers salary increase before strike

by MMC
0 comment
Summit for a new global financing pact takes place in Paris

Bola Tinubu, President of Nigeria, arrives at the closing session of the Global Financial New Deal Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File photo Acquire license rights

ABUJA, Oct 1 (Reuters) – Nigerian President Bola Tinubu on Sunday announced a temporary increase in wages for low-income workers and gas-powered buses to ease the impact of the removal of gasoline subsidies, just two days old before the unions embark on a unlimited strike.

Tinubu scrapped a decades-old subsidy when he was inaugurated in May and ended foreign exchange restrictions, leading to a spike in the cost of living and anger from unions.

In a national broadcast marking 63 years of independence, Tinubu championed the reforms needed to put Africa’s largest economy on the path to recovery.

“I am sensitive to the difficulties that have arisen. I wish today’s difficulties did not exist. But we must endure if we want to reach the good side of our future,” Tinubu said.

He said following discussions with unions, businesses and other stakeholders, federal government employees would receive an additional N25,000 per month for the next six months, a more modest increase which he said was necessary to avoid an increase. double-digit inflation.

This would increase the minimum wage in Nigeria from 30,000 naira to 55,000 naira ($71).

But unions want Tinubu to restore fuel subsidies and had previously demanded a minimum wage of N200,000.

Gasoline is widely used in Nigeria to power the generators of millions of households and small enterprises because the national grid generates an average of 4,500 megawatts, leaving most of the 200 million citizens without electricity.

Tinubu said his government was improving tax collection, increasing investments in small businesses to boost employment while special investigator would soon present his findings on what he calls a “den of malfeasance” at the central bank.

The Senate last week confirmed Tinubu’s new appointment candidate for head of the central bankreplacing the former governor, who had been in the custody of state security agents since June.

Report by Félix Onuah; Editing by MacDonald Dzirutwe and Daniel Wallis

Our standards: The Thomson Reuters Trust Principles.

Acquire license rightsopen a new tab

You may also like

Leave a Comment

afriqaa (1)

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent's latest developments. Covering everything from politics and economics to culture and wildlife conservation

Newsletter Subscribe

Follow Us

Facebook Twitter Instagram Linkedin Youtube Email

u00a92022 All Right Reserved. Designed and Developed by PenciDesign