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The Federal Government and organised labour have reached an agreement on strategies to reduce transport fares and the prices of essential commodities, particularly foodstuffs, following a meeting at the office of the Secretary to the Government of the Federation. The government also plans to meet with state governors to ensure the N70,000 minimum wage is implemented nationwide starting in October.
Key outcomes from the meeting include the government’s commitment to release 2,000 Compressed Natural Gas (CNG) conversion kits and 45 CNG buses, in addition to the 90 buses already promised to labour. These measures are intended to reduce transport costs, which will in turn lower food prices by cutting down transportation expenses for food items.
The meeting also resulted in plans to integrate labour into the government’s economic council, ensuring a continuous dialogue between both parties and fostering cooperation on economic policies to prevent future disagreements.
In a separate development, the House of Representatives has called on the Federal Government to reverse the recent petrol price hike and stabilize the costs of petrol and cooking gas. Lawmakers urged the government to explore temporary relief measures such as tax reductions or subsidies on Liquefied Petroleum Gas (LPG) for low-income households. They also requested expedited repairs of domestic refineries to reduce dependence on imported petroleum products and urged the Central Bank of Nigeria to implement monetary policies to mitigate the inflationary effects of rising fuel prices.
The House warned that failure to address the escalating costs could lead to further inflation, increased poverty, and potential social unrest.
