The Federal Government and Organised Labour have reached an agreement aimed at addressing the soaring transport fares and food prices in Nigeria. This comes amid growing concerns about inflation and the high cost of living.
The agreement was made following a meeting held at the Office of the Secretary to the Government of the Federation (SGF), on the same day that the House of Representatives urged the government to reverse the recent petrol price hike. Lawmakers also proposed measures like tax reductions and subsidies on liquefied petroleum gas (LPG) for low-income households to stabilize fuel and cooking gas prices.
As part of the agreement, the government pledged to roll out over 2,000 Compressed Natural Gas (CNG) conversion kits and provide an additional 45 CNG buses to complement the 90 previously promised. These buses are expected to help lower transport costs and, by extension, reduce food prices by making the transportation of goods cheaper.
The government also agreed to engage with state governors to ensure the implementation of the ₦70,000 minimum wage, beginning in October. Labour will now have representation on the country’s economic council, allowing for continuous dialogue on economic policies.
The government further promised to accelerate the completion of five refineries and address wage arrears for workers. Both parties agreed that ongoing discussions would help prevent future disputes and ensure a more cooperative relationship moving forward.
