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Business News of Tuesday, 6 June 2023

Source: nairametrics.com

Fuel subsidy: FG and Trade unions to establish joint review committee for wage increase – Gbajabiamila

Femi Gbajabiamila Femi Gbajabiamila

The newly appointed Chief of Staff, has stated that the FG and trade unions will establish a joint committee to review the proposal for any wage increase or award and establish a framework and timeline for implementation.

The CoS stated this after the unions called off plans for a nationwide strike following the removal of fuel subsidies in Nigeria.

The Unions have called on the FG to increase the minimum wage to N200,000 to deal with the inflationary effects of the subsidy.

7 Point resolution

In a statement placed on his social media handle, the House speaker said FG and the Unions have agreed on 7 point resolution.

“The Federal Government, the TUC, and the NLC to establish a joint committee to review the proposal for any wage increase or award and establish a framework and timeline for implementation.

“The Federal Government, the TUC, and the NLC to review the World Bank Financed Cash transfer scheme and propose the inclusion of low-income earners in the programme.
“The Federal Government, the TUC, and the NLC to revive the CNG conversion programme earlier agreed with Labour centers in 2021 and work out detailed implementation and timing,”

“The Labour Centres in 2021 and the FG to review issues hindering effective delivery in the education sector and propose solutions for implementation

“The Labour Centers and the FG to review and establish a framework for completion and rehabilitation of nations refineries

“ All other demands submitted by the TUC to the FG will be assessed by the committees.”

Compressed natural gas (CNG) is a fuel gas mainly composed of methane, compressed to less than 1% of the volume it occupies at standard atmospheric pressure, and one of the cleanest burning fuels, the FG 2 years ago launched a PMS to gas conversion scheme to deal with rising PMS prices.

He added that consequently, all parties have agreed to suspend the notice of strike and to continue engagements with the FG and secure closure on the resolutions.

What you should know

Nigeria’s Trade Union Congress of Nigeria (TUC) revealed its demands after calling off the planned nationwide strike following the removal of fuel subsidies.

In a statement signed by the union’s President, Mr Festus Osifo, and General Secretary, Mr. Nuhu Toro on Monday, the TUC made a list of demands to the FG.

The demands include a Minimum wage that should be increased from the current N30,000 to N200,000 before the end of June 2023 and a Tax holiday for employees both in the government and private sector that earn less than N200,000 or 500USD monthly whichever is higher.