Tinubu Says State’s Financial Capacity Should Be Considered In 2024 National Minimum Wage Negotiation
President Tinubu has said that financial capacity of each of the 36 states in the federation should be considered in negotiating a new national minimum wage for workers.
According to Tinubu in an interview with the nation, the proposed national minimum wage yet to be negotiated must be fair and implementable.
He explained that the financial capability of some states is very weak, and their unique situation must be considered during negotiations.
The President noted that the current national minimum wage was yet to be fully implemented by some of the states.
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Tinubu however, said federal government was working with states and labor unions to ensure that the new wage that would be negotiated in 2024 would be fair, practicable and sustainable.
According to him,the reallocation of funds from the removal of the petrol subsidy is also “a strategic move to bolster our government’s finances, contributing to a stable economic environment for all.”
He added: “ in our commitment to ease the economic strain on our citizens, particularly the working class and vulnerable groups, my administration is championing the shift to cleaner energy sources.
“We recognize the benefits of Compressed Natural Gas (CNG) in providing an affordable and cleaner mass transit system. To facilitate this, we have waived the Value Added Tax (VAT) on CNG purchases. Additionally, to reduce the costs in food transportation and manufacturing, we’ve also waived VAT on diesel for six months.”
He acknowledged that “these massively important reforms have been hard” but pointed out that they have started yielding positive results for the country.
