President Bola Tinubu announced on Friday in Abuja that the federal government will ensure that investments in key sectors of the economy adhere to clear timelines and have a positive impact on the lives of citizens.
According to a statement by Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity), President Tinubu made this commitment during a meeting with the management of the Aluminium Smelter Company of Nigeria (ALSCON) led by Chairman Alexey Arnautov at the State House.
The President emphasized the government’s interest in reviving the smelter company in Ikot Abasi, Akwa Ibom State.
“It is good to have you at this meeting. A smelter is necessary for the development of the country,” President Tinubu stated.
The President stressed the importance of having a clear vision and detailed plans in the steel and energy sectors, highlighting the need for strict adherence to timelines.
This reassurance from the President follows an agreement on a ₦70,000 new minimum wage between the federal government and the Nigeria Labour Congress (NLC), and the Trade Union Congress (TUC).
The NLC President, Joe Ajaero, and TUC President, Festus Osifo, announced on Wednesday that the Organized Labour agreed to a ₦70,000 minimum wage for Nigerian workers. They also noted that wage reviews would now occur every three years instead of every five years.
“What has been announced in terms of the amount of ₦70,000 reflects our current position. We will no longer wait five years for another review; instead, we may negotiate twice within five years,” said NLC President Joe Ajaero.
Osifo added, “The President (Tinubu) announced the ₦70,000 minimum wage. By next week, the finishing touches will be put on the bill for transmission to the National Assembly.
This change is due to the rapid shifts in economic indices, and the agreement includes a provision for reviews every three years.”
The agreement between the government and labor leaders followed weeks of negotiations after earlier failed talks. The tripartite committee on minimum wage, which included state and federal governments and the Organized Private Sector, had proposed ₦62,000, while labor insisted on ₦250,000 to replace the current ₦30,000 minimum wage, which labor deemed unsustainable due to inflation and high living costs following the removal of the petrol subsidy by the President.
The Information Minister confirmed on Thursday that the agreed amount of ₦70,000 would be communicated to the National Assembly in the coming days.
