President Bola Tinubu has announced a six-month temporary wage increase for some workers in the country.
The President announced the increase in his first Independence Anniversary speech on Sunday. The wage increase 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,” President Tinubu said.
“For the next six months, the average low grade worker shall receive an additional Twenty Five Thousand naira per month.”
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.
With labour unions threatening to go on strike due to the hardship faced by millions, the President appealed for endurance as his government “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,” he said.
“I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.”
Beyond the wage increase for selected workers, the President also announced other actions it had taken to help.
One of them is to embark on public sector reforms “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.