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President Bola Ahmed Tinubu has accepted N50 billion for small companies and promised employees {that a} new minimal wage will probably be introduced.
Tinubu mentioned this in his nationwide broadcast on the state of the financial system whereas interesting to Nigerians to persevere within the present pains of the elimination of gasoline subsidy.
“Our administration recognises the significance of micro, small and medium-sized enterprises and the casual sector as drivers of progress. We’re going to energise this essential sector with N125 billion,” Tinubu mentioned.
“Out of the sum, we are going to spend N50 billion on Conditional Grant to 1 million nano companies between now and March 2024. Our goal is to present N50,000 every to 1,300 nano enterprise homeowners in every of the 774 native governments throughout the nation.”
Tinubu mentioned the programme will additional drive monetary inclusion by onboarding beneficiaries into the formal banking system.
READ ALSO: Nigeria has saved over N1trillion from gasoline subsidy elimination, says Tinubu
He defined that the federal government plans to fund 100,000 MSMEs and start-ups with N75 billion – below a scheme the place every enterprise promoter will be capable to get between N500,000 to N1million at 9% curiosity each year and a reimbursement interval of 36 months.
Tinubu disclosed that the federal government is working in collaboration with the Labour unions to introduce a brand new nationwide minimal wage for employees.
“I wish to inform our employees this: your wage assessment is coming,” Tinubu mentioned. “As soon as we agree on the brand new minimal wage and basic upward assessment, we are going to make price range provision for it for fast implementation.”
Tinubu counseled members of the Organised Personal Sector who’ve already applied basic wage assessment for workers to cushion the impact of gasoline subisdy elimination, a choice that has led to a spike in value of meals and transportation.
Whereas acknowledging the tough financial realities, Tinubu urged Nigerians to look past the current short-term pains and purpose on the bigger image.
“All of our good and useful plans are within the works. Extra importantly, I do know that they may work,” Tinubu mentioned.
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