In a significant development aimed at alleviating economic pressures, President Bola Ahmed Tinubu has announced a provisional wage increment for low-grade workers, granting them an additional N25,000 per month over the next six months.
This announcement was made during the president’s nationwide address as part of Nigeria’s 63rd Independence anniversary celebration.
In his address, President Tinubu highlighted the government’s commitment to enhancing the federal minimum wage while carefully managing inflation.
He emphasized that this wage increment would provide much-needed relief to low-income workers.
The president also outlined a series of measures designed to ease the economic burden on families and households, including the expansion of cash transfer programs to an additional 15 million vulnerable households.
Additionally, a new Infrastructure Support Fund has been established to promote grassroots development, and the introduction of safer and more cost-effective Compressed Natural Gas (CNG) buses promises to positively impact transport fares.
President Tinubu underscored his administration’s dedication to fostering employment and supporting micro, small, and medium-sized enterprises.
He acknowledged that the ongoing reforms, including the end of the fuel subsidy, have brought about challenges but stressed their necessity for a prosperous and equitable future.
Furthermore, President Tinubu highlighted ongoing reforms in the Central Bank of Nigeria, promising that monetary policy would be more inclusive and beneficial for all citizens.
He reaffirmed his commitment to prioritizing the safety and security of the Nigerian people, with increased collaboration among security services and efforts to rebuild their capacities.
President Tinubu concluded by appealing for understanding from the citizens, emphasizing the importance of enduring the current challenges to pave the way for a brighter future for Nigeria.