President Bola Ahmed Tinubu announced during his nationwide broadcast as part of Nigeria’s 63rd Independence anniversary celebration that, for the next six months, an average low-grade worker would receive an additional monthly income of N25,000. He stated that this provisional wage increment was the result of consultations with labor, business, and other stakeholders, aimed at enhancing the federal minimum wage without causing undue inflation,Daily Trust reports.
President Tinubu also outlined various measures to alleviate the financial burden on families and households, particularly after the removal of the fuel subsidy and the unification of exchange rates.
He emphasized that his government was actively pursuing public sector reforms to stabilize the economy, implement fiscal and monetary policies to combat inflation, promote production, ensure security, and provide more support to the poor and vulnerable segments of society.
The President announced the expansion of cash transfer programs to an additional 15 million vulnerable households starting this month as part of an extended social safety net. He mentioned the establishment of an Infrastructure Support Fund for states to invest in critical areas for grassroots development and stated that states had already received funds to address the impact of rising food and commodity prices.
President Tinubu highlighted the government’s commitment to revolutionizing public transportation by deploying more cost-effective and safer Compressed Natural Gas (CNG) buses nationwide. These buses were expected to operate at significantly lower fuel prices, positively affecting transportation fares. He mentioned plans to introduce new CNG conversion kits and set up training facilities and workshops across the country to provide opportunities for transport operators and entrepreneurs.
Furthermore, the President emphasized the government’s investment funding for enterprises with high potential to boost employment and urban incomes. He also noted increased investment in micro, small, and medium-sized enterprises (MSMEs).
President Tinubu acknowledged the hardships resulting from the ongoing reforms and appealed for understanding from citizens. He explained that these reforms were necessary to pave the way for a prosperous and equitable future Nigeria where the nation’s wealth would be shared fairly among all citizens.
Regarding the Central Bank of Nigeria (CBN), President Tinubu mentioned that a housecleaning process was underway with the appointment of new leadership. He promised that his special investigator would present findings on past lapses and measures to prevent similar occurrences, ensuring that monetary policy benefits all citizens, not just the powerful and wealthy.
The President also highlighted the government’s commitment to prioritizing the safety of the people through enhanced inter-service collaboration, intelligence sharing, and the rebuilding of security service capacities. He commended the security forces for their bravery.
President Tinubu expressed gratitude to the National Assembly for their role in facilitating the quick start of his administration and to the judiciary for upholding democracy and fairness. He also thanked civil society organizations and labor unions for their dedication to Nigeria’s democracy, recognizing their valuable advice and recommendations.