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Nigeria Labour Congress and Trade Union Congress Suspend Nationwide Strike Following Government Agreements

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Nigeria Labour Congress - Investors King

The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have decided to suspend their planned indefinite nationwide strike, originally scheduled to commence on October 3, 2023.

This decision comes in the wake of extensive negotiations and agreements reached between the organized labor unions and the federal government.

The primary focus of these agreements is to alleviate the hardships faced by Nigerians due to the removal of subsidies on Premium Motor Spirit (PMS) and the subsequent increase in its price by the Federal Government.

Key points of the agreements include an immediate wage award of N35,000 for all Federal Government workers starting from September. Also, a committee will be established within a month to discuss and implement a new national minimum wage.

To support Nigerians further, the government will suspend the collection of Value Added Tax (VAT) on Diesel for six months, beginning October 2023.

The government also committed to allocating N100 billion for high-capacity Compressed Natural Gas (CNG) buses for mass transit, along with 55,000 CNG conversion kits. This aims to kickstart an auto gas conversion program nationwide, beginning in November.

Furthermore, various tax incentives for the private sector and the general public will be introduced.

Regarding labor disputes within the National Union of Road Transport Workers (NURTW) and the purported proscription of the Road Transport Employers’ Association of Nigeria (RTEAN), the Federal Government pledged to adhere to international labor conventions and Nigerian labor laws, with resolutions expected by or before October 13.

Outstanding salaries and wages for tertiary education workers in federal-owned institutions will be addressed through further engagement by the Ministry of Labour and Employment.

Vulnerable households will also receive N25,000 per month for three months, starting in October 2023, and increased support for subsidized fertilizer distribution to farmers nationwide.

These agreements signify a significant step towards addressing the concerns of Nigerian workers and citizens, marking a positive turning point in the labor-government relationship.

The commitment to social dialogue and adherence to the principles of decent jobs will be pivotal in shaping the future of labor relations in Nigeria.

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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