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Nigeria’s Public Servants to Receive 40% Pay Raise From End of April

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The Nigerian government has announced that it will begin payment of the planned increase in civil servants’ pay by the end of April 2023.

The fresh pay increase, tagged consequential allowance, will lead to a 40% rise in the current pay of government workers from level 1 to level 17.

Officials of the Federal Government stated that the increase is effective from January 2023, and the three months arrears of January, February, and March will be paid at a later date.

This increase is expected to cushion the effects of rising inflation, rising cost of living, hikes in transportation fare, housing, and electricity tariffs, which have contributed to the country’s highest rate of inflation since September 2005.

The pay rise was included in the 2023 budget and was approved by the Federal Government as a peculiar allowance for civil servants in view of the current economic reality.

However, leaders of the organized labor have described the proposed pay rise as a meager allowance that would not be equivalent to a 40% increase in workers’ salaries. They are urging the government to consider an increment of other allowances such as rent and transportation.

This pay increase comes at a time when Nigeria is facing a challenging economic situation due to rising inflation, insecurity, and other socio-economic issues.

The government’s decision to increase civil servants’ pay is a step in the right direction and will go a long way in improving the welfare of government workers.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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