FG, labour unions meet in Aso Rock to avert looming strike
As Tinubu launches ambitious fund to empower MSMEs nationwide
The Presidential Steering Committee on Palliatives, comprising the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), and government representatives, is currently meeting at the Chief of Staff Conference Hall in Aso Rock, Abuja.
The Cable reports that the meeting comes amid threats of a nationwide strike by the NLC over the gruelling economic hardship that followed the petrol subsidy removal.
The organised labour had stormed out of a similar meeting last Friday, claiming that there were no top government officials to negotiate with them, thereby accusing the government of not being serious.
The botched meeting was to take briefings from three subcommittees of mass transit, compressed natural gas (CNG), and cash transfer, which the government had proposed to cushion the effect of the subsidy removal.
Present at the ongoing meeting are Joe Ajaero, President of the NLC; Festus Osifo, his TUC counterpart, Emma Ugbaja, the General Secretary of the NLC; Nuhu Toro, the TUC Secretary, and other members of the organised labour delegation including Sam Amadi, former chairman of the Nigerian Electricity Regulatory Commission (NERC).
Representatives of the government include Femi Gbajabiamila, Chief of Staff to The President; Kachollom Daju, Permanent Secretary, Ministry of Labour and Employment; Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, (NNPCL); Olu Verheijen, the Special Adviser to the President on Energy, among others.
Meanwhile President Tinubu has unveiled a comprehensive plan to stimulate economic growth and create a conducive business environment for entrepreneurs nationwide in his first live broadcast after his swearing-in speech.
The President’s proposed interventions aim to alleviate the hardships citizens and businesses face while fostering sustainable development.
Tinubu began by highlighting his commitment to addressing unfavourable fiscal policies and the burden of multiple taxes that have hindered business growth in the country. To this end, he revealed that he had signed four Executive Orders. These Orders would suspend and defer the commencement of certain taxes, providing much-needed relief to businesses in the manufacturing sector. This strategic move will give companies the necessary space to thrive and expand their operations.
“Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment.
These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand,” he said.
Recognizing the critical role played by the manufacturing sector in driving economic progress, the President announced a significant allocation of N75 billion between July 2023 and March 2024. This substantial investment aims to finance 75 promising enterprises and promote sustainable economic growth, structural transformation, and increased productivity. Each selected manufacturing enterprise will gain access to N1 billion credit at a reasonable interest rate of 9% per annum. Moreover, they will benefit from extended repayment periods of up to 60 months for long-term loans and 12 months for working capital.
