In a recent update, the Presidency has confirmed that negotiations for a new national minimum wage are currently underway.
Speaking to State House correspondents at the Presidential Villa in Abuja on Friday, Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, shed light on the ongoing discussions.
Ngelale emphasized that the administration is determined to establish a new minimum wage that all states across the federation can afford.
Moreover, the federal government aims to set a wage level that is sustainable over several years and is based on the long-term stability of the national currency.
However, Ngelale cautioned that these efforts could be rendered ineffective if there isn’t a firm grip on maintaining the value of the currency.
In addition to the wage negotiations, Ngelale announced significant financial support measures.
He disclosed that over N150 billion is being disbursed from the Bank of Industry and Small and Medium Enterprise Development Agency.
Furthermore, the government has approved single-digit interest rate loans of up to N2 million for hundreds of thousands of small and medium-scale enterprises across all local government areas of the Federation.
Highlighting the government’s focus on industrial support, Ngelale revealed plans for a targeted intervention of N75 billion to benefit 75 industries and manufacturing companies with a workforce of over 1000 employees each.
He said the objective is to provide vital assistance to these firms, thereby safeguarding employment opportunities amid challenging economic conditions.
Ngelale emphasized the importance of ensuring that large-scale industries not only retain their workforce but also actively expand their hiring efforts during these trying times.
He said the government’s commitment lies in protecting Nigerian families who rely on these industries for their livelihoods.
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