PRESIDENT Bola Tinubu announced yesterday that the federal government would ensure investments in critical sectors of the economy are guided by clear timelines and have a meaningful impact on citizens’ lives.
The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, stated that 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.
He expressed the government’s determination to revitalize the smelter company located in Ikot Abasi, Akwa Ibom State.
“It’s a pleasure to have you here. The smelter is essential for the country’s development,” President Tinubu remarked.
The President stressed the importance of having a clear vision and comprehensive plans in the steel and energy sectors, noting that “there must be timelines.”
This assurance comes in light of an agreement reached between the federal government and the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) regarding a new minimum wage of ₦70,000.
NLC President Joe Ajaero and TUC President Festus Osifo announced on Wednesday that Organised Labour agreed to the ₦70,000 new minimum wage, which represents a shift to wage reviews occurring every three years instead of every five.
Ajaero explained, “The ₦70,000 that has been announced reflects our current reality. The significant aspect is that we will not have to wait five years for another review.
“Instead of settling on a figure for a five-year period, we will now negotiate up to twice within that timeframe.
“This was part of our reason for reaching today’s agreement, as it allows for a review in three years.
“We also brought other issues to the forefront, including matters concerning SSANU and NASU and the situation involving the FCT Commissioner of Police, which we expressed to the President. He, in turn, directed the relevant agencies to establish a plan for compensating those university workers.”
Osifo added, “President Tinubu announced the ₦70,000 figure. He is expected to finalize the bill and send it to the National Assembly next week.
“This became significant because Organized Labour has advocated for a shorter review period. With changing economic conditions, five years is too long.
“There’s an important stipulation that this review will now occur every three years. Our labor group received the President’s assurance positively following that announcement.”
The “agreement” between the two sides followed a series of talks between labour leaders and the President in the last few weeks after months of failed talks between labour organs and a tripartite committee on minimum wage constituted by the President in January.
This committee, which included representatives from state and federal governments and the Organized Private Sector, had recommended a minimum wage of ₦62,000, while labor had pushed for ₦250,000, as current minimum wage earners receive ₦30,000.
Labor representatives argued that ₦30,000 is untenable amid inflation and rising living costs, particularly following the President’s removal of the petrol subsidy.
The information minister confirmed on Thursday that the agreed-upon ₦70,000 minimum wage would soon be communicated to the National Assembly.