The Presidency has confirmed ongoing negotiations for the new national minimum wage, emphasizing the commitment to ensure affordability for all states across the federation.
Speaking to State House correspondents at the Presidential Villa, Abuja, the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, highlighted the determination of the administration to establish a minimum wage that aligns with the fiscal capacities of each state.
Ngelale emphasized the government’s objective to set a sustainable wage level, one that can withstand economic fluctuations over the long term, anchored on the stability of the Naira.
However, he cautioned that achieving a new minimum wage would be fruitless without addressing the currency’s value.
In addition to the wage negotiations, Ngelale announced significant financial disbursements from the Bank of Industry and Small and Medium Enterprise Development Agency. These disbursements include 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.
Furthermore, he outlined plans to allocate N75 billion to support 75 industries and manufacturing companies with a substantial workforce, exceeding 1000 employees each. This initiative aims to bolster these firms’ operations and encourage employment growth during challenging economic times.
Ngelale emphasized the government’s focus on safeguarding jobs in industries vital for employment generation, ensuring stability and growth in the labor market amidst economic uncertainties.
