- Nigeria’s biggest labour federations on Monday said they were suspending an indefinite strike that was set to begin on Tuesday after last minute talks with President Bola Tinubu’s government, which had warned that the action could damage the economy.
- In light of the impending indefinite strike by employees, Nigerian President Bola Tinubu declared a six-month hike in the minimum wage.
- To help with the substantial increase in the cost of living since Tinubu assumed office in May, unions want the monthly wage to be increased to US $255.
- The president’s US$32 raise merely raises the minimum monthly wage by US$2, to US$70.
- In order to combat the recent tripling of fuel prices, he also promised to hasten the implementation of affordable gas-powered buses. This was brought on by Tinubu removing a fuel subsidy that has kept the cost of gasoline low in Africa’s biggest economy for decades.
- The nation also let up its currency peg in June, which allowed it to trade freely and caused one of the greatest drops in the naira’s history. This has made life difficult for struggling Nigerians as already high inflation has soared due to an increase in the cost of imports.
- The 71-year-old added that although reform would be difficult, it would be worthwhile because the government could now invest the billions saved from the fuel subsidies in initiatives like the compressed natural gas bus system.
- He remarked, “We now bear the burden of achieving a future in Nigeria where the riches and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few.
- The two major labor organizations, the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC), announced that they would start the anticipated indefinite strike on Tuesday.
- The union leaders argued that the administration had done nothing to alleviate the misery brought on by the elimination of the fuel subsidy. To give more time for negotiations, the government had pleaded with them to call off the strike.
