President Bola Tinubu on Friday in Abuja assured that the federal government would ensure investments in key sectors of the economy are timely and impactful for citizens’ lives.
According to a statement by the Special Adviser to the President (Media & Publicity), Chief Ajuri Ngelale, President Tinubu made the commitment when he received the management of the Aluminium Smelter Company of Nigeria (ALSCON), led by Chairman Alexey Arnautov, at the State House.
Tinubu emphasized the government’s determination to revive the smelter company in Ikot Abasi, Akwa Ibom State.
“It is good to have you at this meeting. Smelter is necessary for the development of the country,” the President stated, highlighting the need for a clear vision and detailed plans in the steel and energy sectors, with specific timelines for achievements.
This reassurance from the President comes on the heels of 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).
NLC President Joe Ajaero and TUC President Festus Osifo announced on Wednesday that Organized Labour agreed to ₦70,000 as the new minimum wage for Nigerian workers, noting that wage reviews will now occur every three years instead of five.
“What has been announced in terms of the amount of ₦70,000 is where we are now. The key aspect is that we will not wait for another five years to review it,” Ajaero said. “We will now negotiate even twice within five years, hence the decision to reach this agreement. Because of the provision for a review in the next three years.”
Osifo added, “The President made a pronouncement of ₦70,000. By next week, he should finalize the bill for transmission to the National Assembly.
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We from Organized Labour have been pushing for reviews more frequently than five years, considering rapid changes in economic indicators.”
The agreement followed weeks of discussions between labour leaders and President Tinubu after months of failed talks between labour bodies and a tripartite committee on the minimum wage, which was established by the President in January.
The committee, comprising state and federal governments and the Organized Private Sector, proposed ₦62,000 while labour insisted on ₦250,000, citing inflation and the high cost of living post-subsidy removal.
The information minister confirmed on Thursday that the ₦70,000 agreed amount would be communicated to the National Assembly soon.