President Bola Tinubu has announced a six-month temporary wage increase for some low-income workers in Nigeria. The increase is to help cushion the effects of the recent fuel subsidy removal, which has led to a surge in the cost of living.
In his Independence Day speech on Sunday, Tinubu said that the government is “doing all it can to ease the load” on Nigerians who are struggling to make ends meet. He also announced other measures that the government is taking to help, including public sector reforms, investment in infrastructure, and an expansion of the social safety net.
The wage increase will apply to workers who earn less than N30,000 per month. They will receive an additional N25,000 per month for the next six months.
Tinubu said that the government is committed to “stabilising the economy, directing fiscal and monetary policy to fight inflation, encouraging production, ensuring the security of lives and property, and lending more support to the poor and the vulnerable.”
He also announced that the government is setting up a new chapter in public transportation by deploying cheaper, safer Compressed Natural Gas (CNG) buses across the nation. These buses will operate at a fraction of current fuel prices, positively affecting transport fares.
The government is also expanding its cash transfer program to an additional 15 million vulnerable households.
Tinubu said that the Central Bank of Nigeria is being thoroughly cleaned up and that a new leadership has been constituted. He also said that a special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences.
“Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy,” Tinubu said.