Tinubu signs new minimum wage bill into law

.Directs NNPCL to sell crude oil to Dangote Refinery in Naira

.President’s concern for workers demonstrated by his support for new minimum wage-Akpabio

President Tinubu on Monday signed the new minimum wage bill into law days after the National Assembly had passed the bill.

Tinubu signed the new law at 2 pm at the Council Chamber of the Presidential Villa, Abuja.

The brief ceremony was witnessed by the President of the Senate, Godswill Akpabio, Deputy Senate President, Barau Jibrin, and the House Leader, Prof. Julius Ihonvberem, who represented the Speaker of the House of Representatives, Tajudeen Abbas.

It came nearly two weeks after President Bola Tinubu and the organised labour unions—comprising the Nigeria Labour Congress and Trade Union Congress of Nigeria—agreed on N70,000 as the new minimum wage.

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Shortly after the signing ceremony, Senate President, Godswill Akpabio, spoke to State House Correspondents, saying Nigerian workers have cause to be happy as the government has not only doubled the wage benchmark, it also added some money to it.

He seized the opportunity to caution those planning a national protest, saying while it is their fundamental right to protest, they must not resort to violence or destructive tendencies.

According to Akpabio, the challenges bedevilling the country were not the making of the current administration, adding that resorting to violence will jeopardise efforts to rebuild the nation.

Akpabio said: ”I’m ecstatic. I’m excited about the Nigerian worker and the national minimum wage amendment is for the whole nation; for the federal government, the states, the local governments, the private sector, and even for individual employers.

“So I think this is a great day for the workers in the country. We are not only doubling the minimum wage, we have added something on top. Initially, it was N30,000, now it is N70,000.

“Like I said, this is minimum, this is not maximum. Any employer that has a capacity can pay as much as you want. But no Nigerian worker will offer services and be paid anything less than 70,000 from today.

“That is the implication of this act. It applies to all over the nation. And we are excited that this is happening at a time like this through President Bola Ahmed Tinubu; a man who cares for the Nigerian workers. And you’ve seen what we are doing in the National Assembly.

“When it came the entirety of the National Assembly moved and passed the bill in one day out of excitement. We felt that this was not something we could delay. So I think the workers are happy.

“So I want to use this opportunity to call on those who are attempting to foment trouble; that you have a right to protest. It is your fundamental right. It is there in the Constitution.

“But you don’t have a right to destabilize the country. The right to protest should not be turned into the right to unleash violence. It’s very clear that people who are behind this are very amorphous, very faceless. So what it means is people are preparing to loot and go around and do all sorts of things.

“Where we are today was not caused by one year’s administration. It is the outcome of years of insecurity. Many people could not go to farms for almost 10 years and know that and the President has risen to the occasion. Every food item that is coming in now will come in without anything like a restaurant solution.

“There’s no restrictions, bring in food because Nigerians need to eat. And then at the same time, most things are coming in with a lot of waivers. So for me, I’m excited that yes indeed the government is doing what it should. And we the leaders in the National Assembly, we are touching our various constituencies.

“So my appeal to the Nigerian youth is do not allow any group to mislead you politically. People who probably do not have their fortunes in the 2023 election are thinking they can come through the back door and that will amount to anarchy. Any destruction of any property will cost Nigeria money. We don’t have the money. Instead, let’s put the money into developing you and developing your environment instead of going to rebuild.

“Kudos to the Nigerian workers. And I’m excited and I congratulate Nigeria. I congratulate the President and the National Assembly for the expeditious passage of this bill”.

Asked about the bill to finance the new wage implementation, he answered saying, “We have gone very far with it. And I expect that by Wednesday it will be signed”.

Recall that the Federal Government after weeks and months of disagreement settled for a N70,000 minimum wage which was speedily passed by the National Assembly a few days ago.

The signing ceremony comes days before a proposed protest by faceless individuals to vent their grievances over what they termed bad governance.

Meanwhile, President Tinubu has ordered the Nigerian National Petroleum Company Limited, NNPCL, to sell crude oil to Dangote Refinery in Naira.

Bayo Onanuga, a presidential media aide, disclosed this in a statement on his official X account on Monday.

“To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.

“Dangote Refinery at the moment requires 15 cargoes of crude, for $13.5 billion yearly. NNPC has committed to supply four.

“But the FEC has approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot. The exchange rate will be fixed for the duration of this transaction.

“Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. The game-changing intervention will eliminate the need for international letters of credit. It will also save the country billions of dollars used in importing refined fuel,” he said.

The development is coming amid the dispute between the 650,000 barrel-per-day Dangote Refinery and NNPCL, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, and other regulators in Nigeria’s oil and gas sector.