President Bola Tinubu has announced the introduction of a provisional wage increase to enhance the federal minimum wage without causing excessive inflation. Over the next six months, low-grade workers can expect an additional N25,000 per month.
In his nationwide broadcast on Nigeria’s 63rd Independence Anniversary, President Tinubu also pledged to clean up the Central Bank of Nigeria (CBN), which he described as a den of malfeasance. A special investigator will soon present findings on past lapses and strategies to prevent their recurrence.
Tinubu acknowledged the hardships caused by the end of the fuel subsidy but emphasized that reform was necessary to build a future Nigeria where the nation’s wealth is shared fairly among all citizens.
To ease the burden on families and households, the government has embarked on public sector reforms to stabilize the economy, fight inflation, and support the poor and vulnerable. In collaboration with labor, business, and other stakeholders, a provisional wage increment has been introduced to boost the federal minimum wage.
An Infrastructure Support Fund has also been established to assist states in critical areas, providing relief packages to counter rising food and other prices.
To lower transport costs, the government has introduced Compressed Natural Gas (CNG) buses that operate at a fraction of current fuel prices. New CNG conversion kits will be available soon, along with training facilities for transport operators and entrepreneurs.
Tinubu emphasized the need for tax policy reforms to promote economic fairness and development and announced the expansion of cash transfer programs to 15 million additional vulnerable households.
Regarding security, President Tinubu commended the security forces for their efforts and pledged to equip them adequately. Key appointments will continue to be made in line with constitutional provisions, ensuring fairness and inclusivity.
In closing, President Tinubu called for unity and a commitment to remaking Nigeria into a better nation, emphasizing courage, compassion, and commitment as essential qualities in this endeavor. He expressed his dedication to serving faithfully and invited all Nigerians to join in the effort to rebuild the nation.
The President concluded by extending his wishes for a happy 63rd Independence Anniversary and invoking God’s blessings on the Federal Republic of Nigeria.