President Bola Tinubu, says the federal government is introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation.
The president who made the announcement during his maiden independence day speech added that for the next six months, the average low-grade worker would receive an additional N25, 000 per month.
His words: “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.
“For the next six months, the average low-grade worker shall receive an additional N25, 000 per month.”
Tinubu said to ensure better grassroots development, his administration has set up an Infrastructure Support Fund for states to invest in critical areas.
He said States have already received funds to provide relief packages against the impact of rising food and other prices.
The president explained that government has opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation.
He said these buses would operate at a fraction of current fuel prices, positively affecting transport fares.
Tinubu stressed: “New CNG conversion kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process.
“We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs.
“This is a groundbreaking moment where, as a nation, we embrace more efficient means to power our economy. In making this change, we also make history.”