There are signs that the economic hardships that Nigerians are experiencing as a result of the Federal Government’s recent increase in the price of gasoline at the pump have prompted the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to meet urgently at the request of George Akume, the Secretary to the Government of the Federation.
The meeting was reportedly still going on at the SGF Office, Aguda House, which is close to the National Assembly, at the time this report was filed.
Leading government officials were reportedly present at the meeting, including National Security Advisor (NSA) Mallam Nuhu Ribadu, Labor Minister Nkeiruka Onyejeocha, and Finance and Coordinating Minister of the Economy Wale Edun.
The others are the Nigerian National Petroleum Company Limited (NNPCL) representatives, Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), Heineken Lokpobiri, Petroleum Minister, State (Oil), and Alhaji Mohammed Idris, Minister of Information.
Recall that the Federal Government raised the fuel pump prices in Lagos and Abuja to N998 and N1,030, respectively, through the NNPCL.
The majority of Nigerians reacted negatively to the increase, but those involved in the government and energy industry are unhappy about the country’s trend toward inflation and the suffering of its citizens.
Additionally, our reporter learned that the labor leaders withdrew to the NLC secretariat to review their discussions shortly after the meeting at the SGF office.
It was discovered that the main focus of the meeting was the opening of compressed natural gas (CNG) conversion centers in the Federal Capital Territory (FCT) and certain states. The ensuing modifications to the recently approved N70,000 national minimum wage, along with other urgent concerns.
The Secretary to the Government of the Federation was instructed by President Bola Tinubu to lead a delegation to Jigawa State to offer condolences to the victims of the tanker explosion late Tuesday night. This led to the meeting being postponed until a later date, though the postponed date was not specified.
The National Salaries, Incomes and Wages Commission released a template outlining the necessary adjustments in the new salary structure according to grade levels, which prompted the Federal Government to start implementing the N70,000 minimum wage.
The Minister of Budget and Economic Planning, Atiku Bagudu, had the chance to outline some of the economic trajectories and initiatives to pull the nation out of its current predicament during the meeting with Labor on Wednesday.
He reassured that the worst was over.
He responded to the World Bank’s recent assertion at the Abuja forum of the National Economic Summit Group that the majority of oil wealth supports the affluent’s lifestyle.
“After the National Economic Summit Group concluded a three-day interactive session and the Corporate Nigeria Civil Society Organization Development Partners where Tinubu was represented by His Excellency, the Vice President,” Bagudu stated during the labor dispute at the SGF office.
“After three days of talks, everyone agreed that our president guided us to make the necessary decisions, despite their potential difficulty.
Of course, making difficult decisions can have difficulties and repercussions; that is part of what we are asking for. We are handling them. Why is the 2 percentage point increase in inflation for September occurring after the previously discussed decline? However, the oil prices were impacted by the energy prices, which had not yet stabilized.
However, going beyond that, to reiterate what was said at the consensus, you should stick with a reform program you are starting. And after that, the advantages. This is the last week of harvest season.
“We believe that that will further impact on food prices. The majority of the actions implemented are starting to result in higher levels of investment and increased efforts to mobilize capital, which will, in our opinion, solidify the GDP growth. For the first quarter, our gross domestic product grew by more than 2%, nearly 3%.
“In the second quarter, it went by 3.19%. Some people will say, it sounds too slow. But allow me to tell you how large that figure is. Germany has decreased by 0.3%, despite the fact that we are wealthier and have greater resources to handle any challenge. UK is having difficulty at minus 0.2%. Why is everything taking place like this? Why are not we expanding quickly enough? We require that, after all.
“We need to grow fast enough at a higher rate. For this reason, we are taking all the necessary precautions to set Nigeria up for a higher, more inclusive, and sustainable rate of growth. All of you, the younger generation, will take great pride in the nation that God has bestowed upon us as a result. We might encounter occasional hiccups while doing this.
I would like to ask you, now, moving forward, what specific message do you wish to convey to the youth of Nigeria regarding the next three or six months? We think the decline has been halted. Not where we want to be, though. Look, the Refueled Hope agenda is our president’s way of saying, “Let us face reality.”
In order for everyone to mobilize, whether on a family or a national level, let us tell ourselves that we are not as wealthy as we once believed. Open communication has the power to inspire everyone to take more action. So that is what we are carrying out.
“No blame game. We might not agree if we spend all of our time talking about what went wrong and who did what. Still, there is ample reason to take action because we are not where we want to be.
“So what are those choices we need to take? We made the audacious decisions. Local, state, and federal governments all have more funding these days. Inflation and difficulties with the cost of living exist, of course.