President Bola Ahmed Tinubu has announced an additional monthly payment of ₦25,000 for low-grade workers over the next six months. This declaration came during his nationwide address as part of Nigeria’s 63rd Independence anniversary celebration.
In his speech, President Tinubu explained that this wage increment was the result of discussions with labor, business, and other stakeholders, designed to boost the federal minimum wage without causing excessive inflation. He emphasized the government’s commitment to alleviating the financial burden on families and households following the removal of the fuel subsidy and the unification of exchange rates.
President Tinubu highlighted various measures his administration was undertaking, including public sector reforms to stabilize the economy, fiscal and monetary policies to combat inflation, support for production, and increased assistance to the poor and vulnerable.
The president also announced the expansion of cash transfer programs to an additional 15 million vulnerable households, an Infrastructure Support Fund for states to promote grassroots development, and the introduction of Compressed Natural Gas (CNG) buses to reduce transportation costs.
Furthermore, he mentioned plans to provide investment funding for promising enterprises to boost employment and urban incomes, along with increased support for micro, small, and medium-sized enterprises.
President Tinubu acknowledged the hardships brought about by recent reforms, particularly the end of the fuel subsidy, and appealed for understanding from citizens. He emphasized the necessity of these reforms for Nigeria’s future prosperity and the equitable distribution of the nation’s wealth.
Regarding the Central Bank of Nigeria (CBN), the president highlighted ongoing efforts to clean up the institution and ensure that monetary policy benefits all Nigerians, rather than a privileged few. He mentioned the appointment of new leadership for the CBN and the upcoming presentation of findings by a special investigator.
President Tinubu reaffirmed his commitment to prioritizing the safety of the people, improving inter-service collaboration, and enhancing intelligence sharing among security agencies. He praised the gallantry of the security forces and tasked service chiefs with rebuilding the capacities of Nigeria’s security services.
In conclusion, President Tinubu expressed gratitude to the National Assembly, the judiciary, civil society organizations, and labor unions for their roles in Nigeria’s democracy and their valuable contributions and recommendations.