₦25,000 Salary Increment, Cheaper Transportation: Here Are Five Takeaways From Tinubu’s First Independence Address
On Sunday, October 1, 2023, Bola Tinubu, in his first Independence speech as Nigeria’s President, announced a salary increment of N25,000 for all junior employees as part of his measures to alleviate the impact of the subsidy removal, which has caused undue hardship for many Nigerians.
The address, which was delivered less than 48 hours after he returned to Nigeria from the 76th United Nations General Assembly (UNGA), marked the 63rd year since Nigeria gained independence from Britain in 1960.
Here are five takeaways from his address.
Salary Increment
As Nigerians grapple with the high cost of living caused by the removal of petrol subsidy, Bola Tinubu has increased the salary of all junior officers by ₦25,000 – an increase which is expected to last for six months.
“Based on our discussions with labor, business, and other stakeholders, we are introducing a provisional wage increment to boost the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month,” he said.
Infrastructure Support Fund
To ensure better grassroots development, President Tinubu stated that his administration has established an “Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages to mitigate the impact of rising food and other prices.”
Lowering Transport Costs
In an effort to make the economy more robust and reduce transport costs, Tinubu plans to introduce cheaper, safer Compressed Natural Gas (CNG) buses.
“Lowering transport costs will be a key factor in making the economy more resilient. In this regard, we have opened a new chapter in public transportation by deploying cheaper, safer Compressed Natural Gas (CNG) buses across the nation. These buses will operate at a fraction of the current fuel prices, which will have a positive impact on transport fares,” he said.
Revamping the CBN
On Tuesday, September 26, 2023, the Nigerian Senate confirmed the nomination of Olayemi Cardoso as Nigeria’s 12th Central Bank Governor (CBN) along with four Deputy Governors of the apex bank.
While the former CBN governor, Godwin Emefiele, who has been in detention since his removal in June, Tinubu pledged to thoroughly clean the corruption that had plagued the CBN.
“I pledged a comprehensive overhaul of the corruption that had taken root in the CBN. This overhaul is well underway. A new leadership team for the Central Bank has been appointed. Furthermore, my special investigator will soon present his findings on past lapses and how to prevent similar occurrences in the future. From now on, monetary policy shall be designed for the benefit of all, rather than being the exclusive domain of the powerful and wealthy,” he said.
Tax Reforms
Using his presidential committee focused on fiscal policy and tax reforms, led by Taiwo Oyedele, there have been policies implemented to expand Nigeria’s tax base.
“Sound tax policy is essential for economic fairness and development. I have established a Committee on Tax Reforms to enhance the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment, thus impeding our growth,” he said.
