The Lagos state government has committed to paying a minimum wage of N85,000 to civil servants- higher than the federal government’s approved minimum wage of N70,000.
Mr. Abdul Rauf Aliyu, Senior Policy Advisor African Centre for Tax and Governance, has advised Nigerian business owners to take several steps to absorb the shocks associated with the petrol subsidy removal and currency floating policies of the federal government.
The committee’s specific objective is to assist the Federal Government in recovering the $20 billion revenue lost in the sector.
The presidency has said that the administration of President Bola Tinubu has no plans to reintroduce any form of fuel subsidy or reverse the deregulation policy.
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has expressed its support for President Bola Tinubu’s decision to stop the payment of subsidy on petrol.
The South-West and Northern state chapters of the NLC are reported to have resolved to pull out of the planned strike due to the alleged politicization of the action that is in protest against the removal of the petrol subsidy.
The Nigeria Labour Congress (NLC) has announced that its members will embark on a nationwide strike from next Wednesday, June 7, 2023.
The Federal Government is set to disburse $800 million from the World Bank to provide post-petroleum subsidy palliatives to over 50 million Nigerians.
The World Bank has urged the Federal Government to chart a new growth path through a selected base of reforms which include the elimination of petrol subsidies, as it is affecting net government revenues.
The federal government had projected to spend N6.7 trillion in 2023 if the subsidy is not removed
The Minister of Finance has revealed that the Federal Government spends an estimated N18.39 billion daily as petrol subsidy payments.
The National Assembly has approved a request by President Muhammadu Buhari for N4 trillion petroleum subsidy for 2022.
