Tinubu Assures Nigerians: Govt to Boost Key Sector Investments

On Friday in Abuja, President Bola Tinubu stated that the federal government will ensure that investments in important areas of the economy adhere to set deadlines and have an impact on residents’ lives.

According to a statement issued on Friday by the Special Adviser to the President (Media & Publicity), Chief Ajuri Ngelale, President Tinubu made the promise when he received the management of the Aluminium Smelter Company of Nigeria (ALSCON) led by Chairman Alexey Arnautov at the State House, saying the government was interested in reviving the smelter company in Ikot Abasi, Akwa Ibom state.

“It’s great to have you at this conference. The President remarked that the smelter is important for the country’s development.

On Friday in Abuja, President Bola Tinubu stated that the federal government will ensure that investments in important areas of the economy adhere to set deadlines and have an impact on residents’ lives.

According to a statement issued on Friday by the Special Adviser to the President (Media & Publicity), Chief Ajuri Ngelale, President Tinubu made the promise when he received the management of the Aluminium Smelter Company of Nigeria (ALSCON) led by Chairman Alexey Arnautov at the State House, saying the government was interested in reviving the smelter company in Ikot Abasi, Akwa Ibom state.

“It’s great to have you at this conference. The President remarked that the smelter is important for the country’s development.

President Tinubu emphasized the need for a clear vision and specific strategies in the steel and energy sectors, stating that “there must be timelines.”

The president’s reassurance comes after the federal government reached an agreement with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on a new minimum salary of ₦70,000.

The President of the NLC, Joe Ajaero; and his counterpart in the TUC, Festus Osifo, had on Wednesday, said the Organised Labour agreed to ₦70,000 as the new minimum wage for Nigerian workers, because the wage reviews in the country will no longer be every five years but once in three years.

The NLC President said, “What has been announced in terms of the amount of N70,000 happened to be where we are now. But the cool thing about it is that we will not wait for another five years to come on review.

“Rather than settling on a figure that we wait for five years, it’s like we’ll have to now negotiate even two times within five years.

“That is one of the reasons why we decided to reach where we are today. Because of the proviso that we can review in the next three years.

On the other hand, we brought other matters in the basket, such as SSANU, NASU, and others, particularly the insult by the Commissioner of Police FCT, to Mr President and discussed the importance of addressing that matter. And, magnanimously, he (Tinubu) asked the agencies in charge to work out the payment arrangements for those workers in universities.”

Also, Osifo stated, “The President (Tinubu) made a pronouncement or announcement of N70,000.” By next week, he should have completed the law and transmitted it to the National Assembly.

“But why this became a catch is because we, from Organized Labour, have been arguing that the problem of a five-year review is a long period, and that many economic indices may have altered because we are in an era where things are evolving extremely quickly in terms of both macro and microeconomic policy.

“But there is a caveat that this is going to be done every three years, the next review should be in three years. And after that pronouncement, we from labour received what the President has promised.”

The “agreement” between the two sides came after a series of negotiations between labor leaders and the President in recent weeks, following months of fruitless talks between labor units and a tripartite committee on minimum wage established by the President in January.

The group, comprising state and federal governments and the Organized Private Sector, offered ₦62,000, but labor insisted on ₦250,000 as the new minimum wage for workers now earning ₦30,000.

Labour said that the President’s elimination of petrol subsidies made a salary of ₦30,000 unsustainable for workers due to inflation and rising costs of living.

The information minister confirmed on Thursday that the ₦70,000 “agreed” amount would be communicated with the National Assembly in the coming days.