Tinubu made the announcement in his nationwide broadcast as part of the programme of events marking Nigeria’s 63rd Independence anniversary celebration.
“Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional N25,000 per month,” he announced.
Tinubu also outlined measures being taken to relieve the stress on families and households after the removal of fuel subsidy and unification of exchange rates.
Tinubu said his government was doing all it could to ease the load, stating, “We have embarked on several public sector reforms to stabilise the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable.”
He added that the social safety net was being extended through the expansion of cash transfer programmes to an additional 15 million vulnerable households.
He added that the government had set up an Infrastructure Support Fund for states to invest in critical areas to ensure better grassroots development, stressing, “States have already received funds to provide relief packages against the impact of rising food and other prices.”
President Tinubu said the government had also opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the country, adding that “These buses will operate at a fraction of current fuel prices, positively affecting transport fares.
“New CNG conversion kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process. We are also setting up training facilities and workshops across the country to train and provide new opportunities for transport operators and entrepreneurs. This is a groundbreaking moment where, as a country, we embrace more efficient means to power our economy. In making this change, we also make history.”