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President Bola Ahmed Tinubu has declared his willingness to review the national minimum wage to reflect the current global economic realities.
The President disclosed this when he met with governors elected on the platform of his party, the All Progressives Congress (APC), in Aso Villa on Friday, June 2, 2023.
Also known as the Progressive Governors Forum (PGF), the APC governors threw their weight behind the President's decision to end the fuel subsidy regime in the country.
Tinubu had disclosed during his inaugural speech on Monday, May 29, 2023, that the previous administration didn't make provision for subsidy in the budget he inherited which effectively means that "subsidy is gone."
The presidential pronouncement triggered an instant chain reaction as queues resurfaced in filling stations across the country, leading to panic buying and subsequently an inevitable price hike in fuel and transport fares.
This development has forced labour unions including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to call for an immediate reversal of the decision which has brought untold hardship to the Nigerian masses.
While the Federal Government has commenced dialogue with the unions to work out palliative interventions, the NLC has threatened to embark on an indefinite nationwide protest and strike from Wednesday, June 7, 2023, if the old pump price is not restored.
Tinubu proposes minimum wage review
But, speaking with the APC governors on Friday, Tinubu said the federal government was prepared to work with state governments to arrive at a new minimum wage as well as strengthen the source and application of the nation's revenue.
He said, “We need to do some arithmetic and soul searching on the minimum wage,’’ adding, “We will have to take a look at that together, and the revenue. We must strengthen the source and application of our revenue.’’
“I have inherited the assets and liabilities of my predecessor. This is the first time you entered the Council Chambers, and it is my first time too for a meeting.
“As progressives and thinkers under the umbrella of the All Progressives Congress, you have a role to play in educating our people and making sure we manage ourselves.”
The governors, led by Imo State governor and PGF Chairman, Hope Uzodinma, assured the president of their support towards the policies of his administration, noting that his initial decisions signalled his intentions for the country.
Uzodinnma said, “We are here today as members of the APC to fraternize with you as our leader, and congratulate you on your election as President, and Commander-in-Chief.
“We are using this opportunity to express our support for you at this trying time in our history”.