As Labour, FG Continues Negotiation

Report has indicated that state governors are not considering a new national minimum wage that is higher than ₦70,000.

According to The Nation, the state helmsmen, after a meeting in Abuja reviewed the situation and concluded that any amount above ₦70,000 is not feasible.

They ruled out the ₦100,000 option being dangled by some people.

Sources at the meeting said the governors, who met under the auspices of the Nigeria Governors’ Forum (NGF), considered options between ₦60,000 offered to Labour by the Federal Government before the strike, and ₦70,000, which is what the Edo State Government has started paying.

The source said, “After deliberation on the minimum wage, we decided to consider options between N60,000 and N70,000 a month. We could not reach a concrete decision on the wage rate for states.

“Eventually, a committee, to be led by Governor Uzodimma, was mandated to look at all presentations and make recommendations.

“The NGF will soon reconvene to consider the Uzodimma Committee report.

“No state can afford to pay a N100,000 minimum wage and we have ruled out this benchmark.

“Records available to us indicated that some states are still paying N18,000 because they are unable to afford N30,000 (which came into effect in 2019). Only a state has adopted a N70, 000 wage.”

Naija News reports that this development is in line with a previous statement by Chairman of NGF and Kwara State Governor AbdulRahman AbdulRazaq that states will only agree to a minimum wage that is “affordable and sustainable”.

Top federal government officials have kept their lips shut on the new national minimum wage proposal submitted yesterday to President Bola Ahmed Tinubu by Wale Edun, the minister of finance and coordinating minister of the economy.

It was similar with organised labour officials when LEADERSHIP Friday contacted them on the issue. They, too, would not volunteer information.

The only information offered by a source close to the president of the Nigeria Labour Congress (NLC), Joe Ajaero, was a rebuttal of claims that the minister proposed N105,000 as minimum wage to the president.

The presidency also said the amount published by some online platforms as the new minimum wage was untrue.

Even the minister of state for labour and employment, Hon Nkeiruka Onyejeocha, who attended yesterday’s government-labour meeting, declined to tell journalists what transpired at the parley.

The minister, a member of the Tripartite Wage Negotiating Team, dodged questions put to her during a chat with journalists.

Her response to one of the questions was: “Why are you asking what is unnecessary?” (referring to the figure submitted to the president).

Pressed further, she said, “Wait for the conclusion of our negotiations.”

In his report, Edu presented President Bola Tinubu with the projected cost implications of implementing a new national minimum wage.

The submission came just two days after Tinubu issued a 48-hour directive to Edun to present a proposed new minimum wage figure and analysis of the associated costs.

The finance minister’s report outlines several potential new minimum wage levels along with the anticipated fiscal impacts on the federal budget of each option.

In his reaction to the rumoured N105,000 rate, the special adviser to the president on information and strategy, Bayo Onanuga, said there was no truth in it.

Onanuga refuted the claims in a post on his X handle yesterday.

He wrote: “The honourable minister of finance and coordinating minister of the economy, Wale Edun, has not proposed N105,000 minimum wage. The contrary story being disseminated is false.”

LEADERSHIP Friday recalls that the federal government and the Organised Private Sector had presented N60,000 as the new minimum wage, but organised labour rejected it.

Consequently, on Monday, members of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) embarked on an indefinite nationwide strike to press home their demands for a new national minimum wage and a reversal of the recent electricity tariff hike. This development paralysed activities in both public and private sectors across the country.

The next day the organised labour and the federal government reached a resolution to further engage daily for the next one week at the level of the Tripartite Committee on National Minimum Wage until a final agreement is reached.

This came after the federal government assured the Labour leaders that President Tinubu was committed to paying a new monthly minimum wage above the initial offer of N60,000.

North Central Council Flays NLC, TUC Over High Wage Demand

Meanwhile, the North Central Citizens Council (NCCC) has strongly condemned the reckless agitation of the Nigeria Labour Congress (NLC) and her counterpart, the Trade Union Congress (TUC) for an unreasonable increase in the minimum wage of Nigerian workers.

The NCCC, in a statement by the coordinator, Comrade Mohammed Eneji, termed the efforts by the labour unions in forcing the federal government to succumb to their terms in the negotiation process as inhuman and selfish as this will have an adverse effect on the common man who does not earn salary.

It said if the minimum wage of workers is jacked up without considering the adverse effect it will have on the ordinary citizens of the country, especially those living in the rural areas, then the effort will be counterproductive and useless.

It said if many state governors are still battling to pay the N30,000 minimum wage, “how then do we think that the governments both at state and local government levels will be able to pay the minimum wage of 60,000 and above?”

It said the labour movement is obviously not putting Nigeria and Nigerians first in this process of the negotiation and, as such, NCCC demands that the labour leadership reviews and considers the plight of the larger percentage of Nigerians who are not under the payroll of the government, nor the private sector, as this percentage of Nigerians constitutes the largest population of workforce in Nigeria compared to those under government employ who are less than 1% of the entire Nigerian population.

“We also demand that the Labour be flexible by looking at the bigger picture as this demand of theirs will further heighten the inflation rate in the country and also increase the unemployment rate, for as a result of the increase in the minimum wage, many multinationals and government agencies at state level may result in downsizing the personnel on their payroll due to inability to pay the new wage.”

Meanwhile, the chairman of the Progressive Governors Forum, Hope Uzodimma, has said the negotiation between government and organised private sector is not all about Nigerian workers, but also the sovereignty of the country.

Uzodimma said at the end of the day, both parties would come to an agreeable terms that would be in the overall interest of everyone.

The Peoples Democratic Party (PDP) has asked the Inspector General of Police to immediately comply with a Court order for the arrest and presentation of former Adamawa State Resident Electoral Commissioner (REC), Mallam Hudu Yunusa Ari, for prosecution.

The party said the delay in the prompt and diligent prosecution of Ari for his alleged criminal conduct during the governorship election in Adamawa State in 2023 constitutes a clear and present danger to democracy and the Rule of Law.

The national publicity secretary of PDP, Hon Debo Ologungaba, at a press conference, recalled that Ari had “brazenly attempted to subvert our nation’s constitutional democratic rule by trying to install an illegal government in Adamawa State in violation of Section 1(2) of the Constitution of the Federal Republic Nigeria, 1999 (as amended).”

He also recounted that Ari, on Sunday April 16, 2023 “attempted to override the will of the people of Adamawa State in the Saturday April 15, 2023 election by illegally declaring the candidate of the defeated All Progressives Congress (APC) as winner while collation of results was on-going.”

Ologungaba alleged that Ari’s action amounted to a “civilian coup” which tried to undermine the nation’s sovereignty, triggered a serious crisis in Adamawa State and threatened national peace and security.”

The PDP spokesman said Ari has been on the run, since his removal by the Independent National Electoral Commission (INEC) and the declaration of Governor Ahmed Fintiri at the end of collation as the lawful and duly elected Governor of Adamawa State.

Says FX reforms already bearing fruit

Governor, Central Bank of Nigeria, CBN, Mr. Olawale Cardoso said the apex bank will continue to implement bold reforms that makes the economy works for everyone.

He spoke at the 2024 Annual Vanguard Economic Discourse with the theme: “Reform in an era of Global Economic Uncertainty: Whither Nigeria”, in Lagos.

According to Cardoso, the recent measures introduced by the CBN to reform are already bearing fruit.
He said: “The theme, Reforms in the Era of Global Economic Uncertainties: Whither Nigeria, embodies for me the tough challenges and the trade-offs that policymakers worldwide are having to make or are having to navigate in response to the terrible headwinds and economic turbulence we all face.

In this era that has been aptly captured as a vocal era, which is the era of volatility, uncertainty, is characterized by choppiness of the headwinds that are dreaming by the unending stream of shocks in the global and the regional sphere.

Global Uncertainty

This has led to what we tag today as an elevated level of global uncertainty. It is true.
There is an index called the World Uncertainty Index that measures how uncertain the world is today. And the last report of that index says that, and I like the way it summarizes it, so let me read it for you. It says, the shocks that have shaken the global economy in recent years have introduced a new normal for turbulence.

These episodes, the turbulence driven in some cases by political fragmentation between countries, these episodes also lifted uncertainty to exceptionally high levels, which in turn caused economic growth. And I think that’s the part that we are particularly interested in today. The uncertainties that we are seeing globally are having a significant impact on the economic growth and economic outcomes.

On its part, the IMF said recently that we are expecting a growth rate of about 3.2% globally. However, it was true to mention that there are clear risks to the achievement of this economic growth level, and it names those risks as including tight financial conditions, disruptions to global supply chains, geopolitical tension and economic fragmentations.

The economic market, or the financial market tightening that we have seen globally has been as a result of monetary authorities taking steps to rein in inflation. And as the market is tighten, that has had impact on developing the economy like ours because we have seen flights of investment leaving developing economy back to safety as they worry about risk and uncertainties.

Energy and financial markets as well as world trade foods have also been impacted significantly by conflicts especially the crisis in the Middle East and the conflict between Russia and Ukraine which we have seen impacting on trade and other markets. This impact has resulted in a drag on economic growth and has caused significant inflationary pressure.

In addition, we have also seen fragmentation that started during the COVID 19 where governments have resulted more in protectionism to keep more of what they produce to protect themselves.
These kinds of protectionism have created uncertainties in global trade.

Furthermore, the growth in global debt levels especially amongst developing countries that are also struggling to pay or to cover the debt repayment schedule has also created some additional uncertainty in the economic environment.

Domestic challenges

On the domestic front, we have been faced with uncertainty driven by high inflationary pressure, fx for volatility, rising debt burden and slowing economic growth.

The challenge of high inflation in Nigeria is driven largely by food inflation due to the rising cost of transport of farm produce, infrastructure related constraints, and security challenges of food producing areas and exchange rate pass through to domestic prices from imported goods.

All of these have created uncertainty for businesses and for homes.

Another concern that we face is the volatility in the foreign exchange market which over the years have been driven by market distortions and reduced supply of foreign exchange which have created opportunity for speculative activities that have impacted the price and the rate and the value of the naira.

In addition we’ve had concerns or more or less we’ve prioritized as one of the things that we need to do increasing the capacity of the banking system to be able to facilitate the size of transactions that will help us build and establish the one trillion dollar economy that Mr President has envisioned.

Distinguished ladies and gentlemen having identified some of the challenges versus the abundant human resources which is typified by the great talents and intellectual capacity that I see across the room this morning and the natural resources in our land we certainly deserve better outcomes than the current economic realities that we find ourselves in.

In responding to these uncertainties and indeed to any kind of uncertainties, the need for appropriate focus and unwavering reforms cannot be over emphasized

As the Governor of the Central Bank of Nigeria, I remain committed to reposition the bank to deliver meaningful data-driven and sustainable solutions with clear positive impact on the livelihood of all Nigerians.

However, addressing these challenges requires the concerted effort of all stakeholders, especially the monetary and fiscal authorities working in harmony.

I therefore wish to acknowledge the contribution of Vanguard Newspaper in organizing these very important summits as a platform for collaboration and synergy in the march towards our common goal of a larger and more resilient economy.

When I was being ushered in, I had the opportunity to greet the publisher and his adorable wife and I was want to whisper to them a big thank you for putting this together because we hope that at the end of this summit, we’ll be able to harvest many new and germane ideas that we would mix with available data to move our country forward.

Like you all know, we are always on the lookout for new ideas, for new collaboration, for new ways to add value to our economy, and to build our economy and make it work for all of us. 

On our part, my team and I in the Central Bank of Nigeria are determined to continue to implement bold reforms to make the economy work for all Nigerians.

Monetary policy

We have embarked on tightening the bank’s monetary policy to address inflationary pressure in the economy and believe that the results will become evident in the near term.

Luckily, we are already seeing deceleration in inflation, evidenced by a decline in the month-on-month growth in the headline and food inflation rates, based on our March inflation numbers.

We remain committed to use all the Autonomous Monetary Policy tools available to us to address inflation.

FX measures

We have also embarked on major reforms to liberalize the foreign exchange market, which has enhanced transparency, reduced arbitrage opportunity, promoted stability, and improved liquidity in the market.
The settlement of all valid FX forwards, which was one of my commitments when I came as a Governor of the Central Bank of Nigeria, has also improved the confidence of stakeholders. We are already seeing the results of this reform in the growth of FX flows into the country.

In fact, the FX flows into the country in Q1 of 2024 was 136% of the total inflows that we had in the whole of 2023. I think that deserves a round of applause.

In addition, we are working to address the challenges in the BDC segment. To this end, we have developed and revised regulatory and supervisory guidelines for BDCs operation in Nigeria. This is aimed at ensuring that BDCs play the right role in the foreign exchange market.

In addition, we have also revoked the license of BDCs who have been involved in unwholesome practices.
Also, we continue to be focused on increasing the flows from diaspora remittances into the economy through official channels. We are working to improve liquidity in the foreign exchange market. We are working closely with key stakeholders in this segment. And recently, to push this forward, we licensed 14 new IMTOs, which are international money transfer operators to enhance competition, efficiency, and transparency in the foreign exchange market.

We continue to be committed to a transparent and functional FX market where price discovery is based on market-driven frameworks and we are confident that this will lead to long-term stability of the Naira, which I know is what all of us see.

Let us be able to know exactly what the rate of the naira is at any given time.

Banking recapitalization

Furthermore, the bank is in the process of implementing far reaching reforms in the in the banking system which includes increasing the capital requirement for banks to improve financial system stability and enhance the capacity of banks to support the one trillion economy envisioned by Mr. President.

Measures are also being taken to ensure good ethical and professional practices in the banks by enforcing compliance with enhanced corporate governance guidelines.

Distinguished participants, I am pleased to note that some of our bold actions are already bearing fruit, evidenced by the improvement in Nigerian foreign credit rating and the commendations from the World Bank and other multilateral institutions.

We are confident that the prudent implementation of our reform program will restore the economy to the path of inclusive and accelerated economic growth in the near term.

I would like to acknowledge that much more work is required to address our economic challenges. But let me assure you that the Central Bank of Nigeria is committed to and will continue to enhance its efforts to deliver on its mandate of promoting monetary and price stability in Nigeria.

The CBN will continue to strengthen its collaboration with other regulators as well as with fiscal authorities in order to deliver sustained and inclusive economic growth. In doing this, the Central Bank will pay attention to all the deliberations.

The Minister of Interior, Olubunmi Tunji-Ojo, on Thursday, said the government will initiate processes to possibly relocate Ikoyi prison and some other correctional centres from urban centres in the country to other areas.

Tunji-Ojo revealed this plan on Channels Television’s Politics Today programme on Thursday.

The minister said urbanisation has eaten into the setbacks that ought to be around correctional centres in the country.

Tunji-Ojo said, “Under this administration, we’ve not had any jail attack; what we’ve had was force majeure which was Suleja because that particular correctional centre was built in 1914. It’s about 110 years old.

“President Tinubu was not President a 110 years old. He inherited 256 correctional centres that needed attention. There is no way he would have completely overhaul it in one year.

“I must talk about urbanisation. Look at Suleja for example, the Suleja correctional centre that came down was only 7 metres away from the next house. Instead of what the law says which is a buffer space of 100 metres. So, urbanisation has eaten deep.

“Look at Ikoyi Correctional Centre sharing a fence with (another house). What’s (a) correctional centre doing in Ikoyi? This administration is looking at being able to initiate the process of possibly relocating some of these correctional centres.”

He said the government would soon commence an “inmate audit” across the country’s 256 correctional centres and sanitise them by freeing those who don’t have any business being there in the first place.

Tunji-Ojo said President Bola Tinubu inherited so many old correctional centres that need attention but the government has started the renovation and rebuilding of some of the prisons in Nigeria.

“We’ve renovated over 10 correctional centres under this administration,” he said, adding that the government has done “magic in the Kuje correctional centre.”

The presidential candidate of the Labour Party, LP, in the 2023 general elections, Mr Peter Obi, has dispelled rumours, making the rounds that he would leave the party.

Obi who reacted through his X platform noted that he remains a faithful, committed and loyal member of the Labour Party.

Recall that the National Chairman of the Labour Party, Julious Abure had announced a decision by the party’s National Working Committee to set up some Directorates among which was the “Obidient Directorate” to coordinate the seamless integration of members of the movement into the LP.

The party went further to name some individuals as directors. This move angered several members of the movement who issued a strongly worded statement denouncing the party and dissociating themselves from the new body.

However, reacting to the Julious Abure’s decision, Obi opined that the Obidient Movement, “is beyond a political party and cannot be cubbyhole into one.”

Having said that, rumours spread that Obi would leave the party.

On Thursday, the former Anambra State governor, said: “ I have just been confronted by a Journalist at Abuja airport wanting to know if my statement on Obidient Movement yesterday is a signal of my leaving the Labour Party. For the attention of all those holding such an impression and for the general public.

“I remain a faithful, committed and loyal member of the Labour Party. Indeed, as a Leader of the party, my aspiration, and desire working closely with other Leaders is to reconcile our valued members, and partner with like minds, and parties all over the country to build a strong and better Party that will catalyze and commence the rebuilding of a new Nigeria.

“My statement yesterday was intended to clarify some issues that are of concern to our teeming supporters some of whom are not members of any political party but are desirous for a new Nigeria. Our goal and aspirations remain that a new Nigeria is Possible”.

The Federal Government has debunked the online report that it has offered N105,000 as the new national minimum wage.

Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga made the denial via his X account (formerly Twitter).

The presidential aide said, “The Honorable Minister of Finance and coordinating minister of the economy, Wale Edun has not proposed N105,000 minimum wage. The contrary story being disseminated is false.”

There has been a report on some online platforms to the effect that the minister presented a proposal of N105,000 to President Bola Tinubu.

Recall that the Tripartite Committee meeting on the new national minimum wage was stalled on Wednesday due to the failure of the federal government team to present a new figure to the organized labour after the initial N60,000 offer was rejected by labour.

The minister of Finance alongside the Minister of Budget presented a figure to the President on Thursday which is expected to be presented at the Tripartite Committee meeting today.

The meeting involves the federal government, the organized private sector and the organized labour comprising the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday, held a meeting with President Bola Tinubu against the backdrop of ongoing discussions on a new national minimum wage.

The Minister of Budget and Economic Planning, Atiku Bagudu, was also in attendance at the meeting which held at the State House in Abuja.

It was gathered that during the meeting, Edun presented a new minimum wage template to President Tinubu, meeting the 48-hour deadline earlier issued to him.

According to sources quoted by WesternPost, the template proposes a new minimum wage of ₦105,000 (approximately $220 USD) per month for Nigerian workers.

The source added that Tinubu is currently reviewing the proposal, and an official announcement would be made soon.

Our correspondent gathered that the government team may unveil the new proposal during today’s meeting of the tripartite committee on minimum wage, which is made up of the government, organized labour, and the organized private sector.

The urgency of these orders underlines the government’s commitment to resolving the contentious minimum wage issue, which has repeatedly stalled negotiations.

Previously, the government and the Organized Private Sector had proposed a minimum wage of ₦60,000, which was outrightly rejected by organized labour representatives and resulted in the nationwide strike action which rocked the country on Monday and was eventually suspended on Tuesday after interventions in which some agreements were signed between the government and the labour.

The Kaduna State House of Assembly has indicted former Governor, Nasir El-Rufai and key members of his administration for alleged corruption linked to contract awards and the management of loans during his eight-year tenure.

This conclusion followed a thorough investigation by an ad hoc committee tasked with probing El-Rufai’s governance from May 2015 to May 2023.

The report, delivered to the Assembly by the committee’s chairman, Henry Danjuma, outlines multiple instances of alleged corruption within the state’s government, ministries, departments, and agencies.

The committee specifically scrutinized the handling of both domestic and foreign loans, finding significant discrepancies and mismanagement.

The committee’s key recommendation is the withdrawal of the Internally Generated Revenue (IGR) account currently held at Zenith Bank. This account had been used as security for a ₦20 billion loan guarantee in 2023.

The committee has asked Zenith Bank to refund all deductions made from this account, including accrued interest, citing the guarantee as illegal.

It also recommended that all the commissioners of finance of the state from 29th May 2015 to 29th May 2023 be referred to the appropriate law enforcement agencies for a thorough investigation; and that all the accountant generals of the state from 29th May 2015 to 29th May 2023 be referred to the appropriate law enforcement agencies for investigation.

The lawmakers also recommended suspending the commissioner of finance, Shizzer Bada, to allow for a proper investigation into the ministry’s activities from May 29th, 2015, to May 29th, 2023.

The House also recommended that El-Rufai breached his oath of office contained in the 7th Schedule to the Constitution of the Federal Republic of Nigeria (as amended and failed to exercise due discretion in the administration of the state.

It recommended that El-Rufai be referred to anti-corruption agencies for a thorough investigation and necessary prosecution for plunging the state into unwanted, unjustified, and fraudulent domestic and foreign debts, diversion of funds, and money laundering contrary to all extant laws and regulations.

Other recommendations included “That, the Chairmen of Kaduna State Internal Revenue Service (KADIRS) from 2018 to 2023 be referred to the appropriate Law Enforcement Agencies for a thorough investigation. That, the current Chairman of the State Universal Basic Education Board (SUBEB) do step aside to allow for a thorough and proper investigation into the activities of the Board from 29th May 2015 to 29th May 2023.

“That, the current Executive Secretary of the State Pension Bureau do step aside to allow for proper investigation into the activities of the Bureau from 29th May, 2015 to 29th, May, 2023.

“That, all the Managing Directors of the Kaduna Market Development and Management Company Ltd from 29 May 2015 to 29th May 2023 be referred to the relevant law enforcement agencies for a thorough investigation into their handling of the affairs of the company.

“That, the coordinator of the Kaduna State Government’s Irrigation Programmes for the cultivation of Wheat at Ruwan Sanyi, Kubau Local Government Area in 2016 or thereabout, be referred to the appropriate law enforcement agencies for a thorough investigation.

“That, Ms. Dolapo Popoola, the immediate past Managing Director of AlL KAPSCO whose where about is not known, be referred to the appropriate law enforcement agencies for an investigation into her handling of the affairs of the company and the recovery of all government properties in her possession.

“That, Mr. Muyiwa Adekeye, the Special Adviser to the Governor of Kaduna .. State on Media and Communication from 29th May 2015 to 29th May 2023 be referred to the appropriate law enforcement agencies for investigation on his involvement in the contracts in Kaduna State Media Corporation (KSMC).”

The house further recommended that all the managing directors of Kaduna Roads Agency (KADRA) from 11th October 2017 to November 2021 except for Engineer Amina Ja’afar Ladan who only spent a month in office, be referred to the appropriate law enforcement agencies for an in-depth investigation into their roles in the award and poor execution of contracts during their tenure, while management and senior staff of the agency be redeployed to other relevant ministries and agencies.

It also recommended that all loans (Domestic and foreign) obtained by the Kaduna State Government between 29 May 2015 and 29 May 2023 and found by the committee to have been obtained without due process are not binding on the State, and the State Government should henceforth stop honouring all limits and obligations arising from them.

It also directed some contractors to refund to the Kaduna State Government a total sum of ₦36,351,126,811.65, which was monies paid for work either not done, overpaid or diverted.

The House also indicted El-Rufai ‘s former senior Adviser—counsellor, Jimmy Lawal, who was saddled with coordinating the activities of government ministries and agencies, albeit without any constitutional role, for abusing the trust bestowed on him.

The House alleged that Lawal used the opportunity to introduce dubious companies to which he secured the award of several contracts at outrageous amounts, which contracts were abandoned after payment of substantial contractual sums, and diversion of funds meant for project execution. Therefore, the House referred him to the relevant law enforcement agencies for a thorough investigation and necessary action.

The Federal Government has disclaimed two leaked documents circulating in the media purporting to contain details of President Bola Tinubu’s new fiscal policy proposals.

In a statement issued on Thursday by the President Bola Tinubu’s Special Adviser on Media and Strategy, Bayo Onanuga, the presidency urged the public and media to disregard the documents, saying they are not officially approved policies of the government.

One of the leaked documents titled “Inflation Reduction and Price Stability (Fiscal Policy Measures, etc.) Order 2024” was being shared as if it were an executive order signed by President Tinubu.

The other was a 65-page draft titled “Accelerated Stabilisation and Advancement Plan (ASAP),” containing suggestions on improving the Nigerian economy.

Earlier reports based on the leaked documents had claimed that President Tinubu was considering suspending import duties and tariffs on food, drugs and other basic commodities for six months starting May 2024.

The reports also said the purported order authorized rice millers to import paddy rice at zero duty and VAT for a period.

However, Onanuga stated that the documents are merely “policy proposals that are still subject to reviews at the highest level of government.”

He quoted the Coordinating Minister of the Economy, Wale Edun, as saying: “The Federal Government is committed to mitigating the effects of this removal and easing the cost of living pressures on Nigerians.

“Our strategy focuses on addressing key factors such as food inflation, which is significantly impacted by transport costs. With the implementation of our CNG initiative, which aims to displace high PMS and AGO costs, we expect to further reduce these costs.

“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations”.

Edun also used the opportunity to reiterate that the Federal Government’s position on fuel subsidy has not changed from what President Tinubu declared on May 29, 2023 that the regime has ended.

He dismissed speculation of N5.4trn being provisioned for fuel subsidy in 2024 as untrue.

“It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised.

“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed,” Edun affirmed.