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June 6, 2024 Edun Proposes New Minimum Wage of N105,000
IFMNEWS

Edun Proposes New Minimum Wage of N105,000

Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has presented a new minimum wage template to President Bola Tinubu, meeting the 48-hour deadline.

Previously, Edun submitted the projected cost implications of implementing a new national minimum wage to Tinubu. Alongside the Minister of Budget and National Planning, Atiku Bagudu, Edun presented these cost implications in a meeting at the Presidential Villa in Abuja.

According to Western Post, the new proposal suggests a minimum wage of N105,000 (approximately $220) per month for Nigerian workers.

READ ALSO: Tinubu Instructs Finance Minister to Propose New Minimum Wage Plan 

Tinubu is currently reviewing this proposal, with an official announcement expected soon. This development follows a recent strike by labour unions, which began on Monday after their meeting with the National Assembly leadership failed to yield satisfactory results. The strike disrupted economic activities nationwide, causing the closure of international airports, schools, courts, banks, and hospitals.

On Tuesday, the Nigeria Labour Congress and Trade Union Congress suspended their strike for five days.

June 6, 2024 Nigerian Government Plans to Temporarily Suspend Tariffs and Import Duties on Essential Foods, Pharmaceuticals, and More
IFMNEWS

Nigerian Government Plans to Temporarily Suspend Tariffs and Import Duties on Essential Foods, Pharmaceuticals, and More

The Nigerian government has announced a strategy aimed at reducing inflation by temporarily suspending tariffs and import duties on essential goods such as food, raw materials for production, pharmaceuticals, and agricultural inputs. The Minister of Finance, Wale Edun, presented the proposed plan, known as the Accelerated Stabilisation and Advancement Plan (ASAP), to President Bola Ahmed Tinubu. The plan seeks to alleviate the economic challenges faced by Nigerians, particularly in light of the country's high headline and food inflation rates, which currently stand at 33.69 percent and 40.53 percent, respectively.

Under the proposed measures, import duties and tariffs will be suspended for staple food items, manufacturing raw materials, agricultural inputs like fertilizers and seedlings, pharmaceutical products, and poultry feeds. Additionally, millers will be authorized to import paddy rice duty-free for six months. Value Added Tax (VAT) will also be suspended for certain items for the remainder of the year 2024, including basic food items, raw materials for food manufacturing, electricity, public transportation, agricultural inputs and products, and pharmaceutical products.

The Centre for the Promotion of Private Enterprise (CPPE) Director, Muda Yusuf, commended the proposal, stating that relaxing import duties will help curb inflationary pressures, especially in the food sector. He emphasized the importance of promptly implementing the plan to address economic concerns and foster growth in the real economy.

The announcement of the ASAP plan coincides with ongoing discussions about a new minimum wage in Nigeria. Organised Labour recently staged a shutdown of the economy to demand implementation of a higher minimum wage, which was subsequently suspended after securing a commitment from the government for a wage higher than N60,000. Negotiations on the new minimum wage, with proposals ranging from N75,000 to N494,000, are ongoing between the government and labour unions, with various stakeholders advocating for a wage increase to address economic challenges faced by workers.

June 6, 2024 Presidency Insist Subsidy Removal, Labels Leaked Documents Unofficial
IFMNEWS

Presidency Insist Subsidy Removal, Labels Leaked Documents Unofficial

The Presidency has urged the public and media to disregard two fiscal policy documents circulating on social media, labeling them as unofficial and subject to review. The documents, titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” and “Accelerated Stabilisation and Advancement Plan (ASAP),” reportedly contain proposals on economic policy, including customs tariffs and fuel subsidies.

In a statement on Thursday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, clarified that the documents have not been approved or finalized. He emphasized that policymaking is a process involving multiple drafts and discussions.

Coordinating Minister of the Economy, Wale Edun, assured the public that the official position on the documents will be disclosed after comprehensive reviews and approvals. Edun stated, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalized. We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”

The documents have led to speculation about government policies on customs tariffs, fuel subsidies, and other economic matters. Edun reiterated that the government’s stance on fuel subsidies remains unchanged from President Bola Ahmed Tinubu's declaration on May 29, 2023. “The fuel subsidy regime has ended. There is no N5.4 trillion being provisioned for it in 2024, as widely speculated,” Edun affirmed.

Edun further clarified, “President Tinubu announced the end of the fuel subsidy program last year, and this policy remains firmly in place. The Federal Government is committed to mitigating the effects of this removal and easing the cost of living pressures on Nigerians. Our strategy focuses on addressing key factors such as food inflation, which is significantly impacted by transport costs. With the implementation of our CNG initiative, which aims to reduce high PMS and AGO costs, we expect to further lower these costs. Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations.”

The Presidency urged the media to exercise restraint and verify documents through official channels to ensure accurate information and avoid misleading the public.Top of Form

June 5, 2024 Tinubu Instructs Finance Minister to Propose New Minimum Wage Plan
IFMNEWS

Tinubu Instructs Finance Minister to Propose New Minimum Wage Plan

President Bola Tinubu has instructed Finance Minister Wale Edun to develop a new minimum wage proposal. This directive was announced by Minister of Information and National Orientation, Mohammed Idris, in Abuja on Tuesday, following a meeting between the Federal Government delegation on the new minimum wage and the President.

"The President has directed the Minister of Finance to crunch the numbers and report back within a day or two, so we can have figures ready for negotiations with Labour. Mr. President is committed to following the committee's recommendations and prioritizing the welfare of Nigerians," Idris stated.

He emphasized that the government supports labour and wage increases. The Federal Government delegation included Idris, Edun, Secretary to the Government of the Federation George Akume, Labour Minister Nkiruka Onyejeocha, Minister of Budget and Economic Planning Atiku Bagudu, Chief of Staff to the President Femi Gbajabiamila, and Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited Mele Kyari.

 

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