Nigeria @63: President Tinubu Announces N25,000 Increase For Low Income Workers...Says CNG Buses To Begin Operation - EDU-BIZNEWS


Sunday, October 1, 2023

Nigeria @63: President Tinubu Announces N25,000 Increase For Low Income Workers...Says CNG Buses To Begin Operation

President Bola Almed Tinubu has announced a temporary six-month payrise of N25, 000 for low-income workers  on the payroll of the Federal Government just assured organized labour of the deployment of the Compressed Natural Gas (CNG) buses as cheaper alternative for transportation, to cushion the effect of removal of fuel subsidy on Nigerians 

The President announced the increase and other packages for workers in his first Independence Anniversary speech on Sunday, to mark Nigeria's 63rd anniversary of nationhood 

The wage increase according to Tinubu, is to help cushion the effects of the fuel subsidy removal, which has led to a surge in the cost of living in the country.

“Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation,” he said.

“For the next six months, the average low grade worker shall receive an additional Twenty Five Thousand naira per month,", Tinubu further revealed 

Nigerians have struggled under the weight of the subsidy removal which has seen the price of petrol rise from below N200 to over above above N550 in some parts of the country and more than N600 in some other parts. Citizens have also have to battled with the implication of a significantly weaker naira.

On the high cost of transportation fares , Tinubu explained that action had  been taken to improve the situation in the transport sector, saying this will strengthen the economy 

“In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation,” he said.

“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.”, he disclosed 

President Tinubu pleaded with Nigerians , particularly leadership of the organized not to go ahead with its planned nationwide indefinite strike action as a result of hardship being experienced because of removal of subsidy, saying his administration  “is doing all it can to ease the load”.

“There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago,” Tinubu appealed 

“I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.”

President also announced other actions taken by his administration to alleviate sufferings of Nigerians which included 
public sector reforms 

According to him,“to stabilise he economy, 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”.

President Tinubu also noted the infrastructure Infrastructure Support Fund the Federal Government set up for states to invest in critical areas.

One of the areas immediately impacted by the fuel subsidy removal is the transport sector with the cost of transportation soaring.

The government’s cash transfer programme is also being expanded as part of efforts by the government.

“Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households,” the President said.

He added that other steps were being taken by the government including a  thorough housecleaning of the CBN which, according to him, has become “the den of malfeasance”.

His words, “That housecleaning is well underway. 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,"Tinubu reassured Nigerians 

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