(3 minutes read)
Nigerian President Bola Tinubu offered a temporary minimum wage hike for lower-paid workers. The announcement came just two days before major labour unions are due to begin an indefinite strike on 3 October in protest against the rising cost of living.
Nigerian President Bola Tinubu offered a temporary minimum wage hike for lower-paid workers. The announcement came just two days before major labour unions are due to begin an indefinite strike on 3 October in protest against the rising cost of living.
The president announced that based upon talks with labour, business, and other stakeholders, the nation was introducing a provisional wage award, an increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker will receive an additional 25,000 naira (US$32) taking their salaries to US$71.
The move aims to help offset the impact his economic reforms are having on the general public. The reforms, according to Tinubu, were essential to revive Nigeria’s flagging economy, reshape and modernize, and secure the lives, liberty, and property of the people. He ended a long-standing fuel subsidy and liberalized the naira currency in a bid to attract more foreign investment. The reforms applauded by investors are necessary to revive the flagging Nigerian economy.
Read Also:
https://trendsnafrica.com/nigeria-to-ratify-all-maritime-instruments-to-develop-blue-economy/
https://trendsnafrica.com/nigeria-participates-in-the-gas-conference-held-in-singapore/
But with inflation now at 25% and fuel prices soaring, people are struggling to make both ends meet. In addition to its use in vehicles, petrol is widely used in Nigeria by millions of small businesses and households to power generators as the country does not produce enough electricity to meet the needs of citizens. The increase to the minimum wage announced on Sunday is less than hoped for. The monthly salary falls far short of the US$260 unions had demanded.
