President Bola Tinubu has declared that the Federal Government will enact a new national living wage for diligent workers in the year 2024. Emphasizing the importance of this decision not only from an economic standpoint but also as a morally and politically correct action, Tinubu shared this development in his New Year message delivered on Monday in Lagos. The aim is to ensure that the economic aspirations and well-being of the less privileged, most vulnerable, and the working class are given due attention.
Tinubu stated, “We will work diligently to make sure every Nigerian feels the impact of their government. The economic aspirations and the material well-being of the poor, the most vulnerable, and the working people shall not be neglected. It is in this spirit that we are going to implement a new national living wage for our industrious workers this New Year. It is not only good economics to do this; it is also a morally and politically correct thing to do.”
Having laid the groundwork for economic recovery plans in the preceding seven months of 2023, Tinubu expressed the administration’s commitment to accelerating service delivery across various sectors in 2024. He highlighted the continued prioritization of stable electricity supply, recognizing its pivotal role in achieving sustainable development.
Tinubu also mentioned initiatives to boost food supply and petroleum product production, with a focus on cultivating 500,000 hectares of farmlands across the country. He emphasized ongoing projects, including the Siemens Energy power project, and plans for local refining of petroleum products through facilities like the Port Harcourt Refinery and the Dangote Refinery.
In his commitment to creating a favorable business environment, Tinubu pledged to simplify fiscal and tax policies, ensuring that they contribute to a conducive business atmosphere. He reiterated his message to investors, expressing Nigeria’s readiness and openness for business.
The President underscored his determination to fight obstacles hindering business competitiveness, vowing to remove any impediment on the path to making Nigeria a preferred destination for both local and foreign investments. Tinubu also outlined the administration’s eight priority areas, including national defense and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security. The 2024 budget reflects the administration’s commitment to achieving these governance objectives.