Nigeria averts labour crisis but falling Naira signals more trouble
Nigeria’s ruling party candidate Bola Tinubu who has been declared the president-elect following elections held on February 25, 2023. PHOTO | KOLA SULAIMON | AFP
The Nigerian government this week averted a workers’ strike in a deal with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) but may have also exposed the economic reforms by the government of President Bola Tinubu to turn around the economy.
This week, the government also agreed to a N35,000 ($46) minimum monthly pay to affiliated workers, pending deliberations of a new taskforce formed to determine a new minimum wage. The government also suspended the collection of value added tax (VAT) on diesel for six months beginning from October; voted N100 billion ($130,000) for the provision of high-capacity buses for mass transit; and to implement various tax incentive measures.
