In a significant move to tackle rising transportation costs and soaring prices of essential goods, the Federal Government and Organised Labour have reached an agreement aimed at mitigating the impact of economic challenges on Nigerian citizens.
At a meeting chaired by the Secretary to the Government of the Federation, both parties committed to a series of steps to address public concerns, including reducing transport fares and stabilizing food prices, while improving engagement between government and labour.
Key points of the agreement include the release of over 2,000 Compressed Natural Gas, CNG, conversion kits, along with 45 new CNG buses, which are part of an effort to lower the cost of transportation. The government also promised a series of measures to ensure that the N70,000 new minimum wage would take effect nationwide by October. Labour representatives and government officials further agreed to hold continuous discussions to avoid any future breakdown in relations.
A source present at the meeting described the talks as a “way forward” after previous tensions between the two parties, adding that the government acknowledged past failures to honor agreements and vowed to improve in this regard.
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In a related development, the House of Representatives called on the Federal Government to reverse the recent petrol price hike and implement targeted relief measures, including subsidies for cooking gas and tax reductions.
In a motion of urgent public importance spearheaded by House Minority Leader Kingsley Chinda and backed by 111 other lawmakers, Nigeria’s House of Representatives had raised serious concerns over the steep rise in petrol and cooking gas (LPG) prices. The motion sparked a debate, with Deputy Minority Leader Aliyu Madaki emphasizing the critical role of petroleum products in the country’s energy landscape, both for domestic and industrial purposes.
Madaki highlighted the severe impact that the recent price hikes have had on ordinary Nigerians, noting that the skyrocketing costs of petrol and LPG have created an unsustainable financial burden. These increases have also contributed to a growing cost of living crisis, further straining households and businesses alike. Madaki called for immediate intervention to stabilize prices, warning of long-term economic instability if the situation remains unchecked.
While the discussions between government and labour were described as productive, both sides agreed that further engagement would be necessary to finalize actionable outcomes.
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