President, Bola Ahmed Tinubu has revealed that his administration is working in collaboration with the Labour Unions to introduce a new national minimum wage for Nigerian workers.
Tinubu who made this known in his live broadcast to the nation on current economic challenges, said once agreement is made on the new minimum wage and general upward review, it will make budget provision for it for immediate implementation.
According to him, “I want to tell our workers this: your salary review is coming”, while used this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.
The President reiterated his promise to reform the economy for long-term good by fighting major imbalances that had plagued it. “Ending subsidy, preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance”.
He said further that the defects in the economy immensely profited a tiny elite, “the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary”.
According to him, “Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle.
“Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.
“Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio- economic brackets”, Tinubu said.
The President said to strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, his administration is going to spend N75 billion between July 2023 and March 2024.
“Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.
“Each of the 75 manufacturing enterprises will be able to access N1billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital”.
To further ensure that prices of food items remain affordable, Tinubu said his administration have had a multi- stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
“In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices.
“We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda. Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course.
To be specific, N200 billion out of the N500 billion approved by National Assembly will be disbursed as follows: Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize. -N50 billion each will be earmarked to cultivate 100,000 hectares of wheat and cassava.
“This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record”.
He said part of the govt programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. “We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
“These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period”.
Tinubu urged Nigerians to look beyond the present temporary pains and aim at the larger picture. “This period may be hard on us and there is no doubt about it that it is tough on us. All of our good and helpful plans are in the works. More importantly, I know that they will work.
“Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully on line. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being”.