The Nigerian government has reached a wage agreement with labour unions, suspending a planned nationwide strike for 30 days.
Under the agreement, the government will pay a N35,000 ($57.38) allowance to all federal workers for six months, starting from September. The government will also invest in compressed natural gas (CNG) buses for mass transit and work to establish a new national minimum wage.
The agreement was reached after a marathon meeting between the government and union leaders on Tuesday night. The unions had been demanding a N255,000 ($418.03) monthly wage, but they agreed to suspend their strike after the government made a number of concessions.
The wage increase is expected to cost the government an additional N315 billion ($516.4 m) over the next six months. This comes at a time when Nigeria is facing a number of economic challenges, including high inflation and a depreciating currency.
However, the government has said that it is committed to improving the welfare of workers and that the wage increase is an investment in the future of Nigeria.
Nigeria is a country in West Africa with a population of over 200 million people. It is the largest economy in Africa, but it is also one of the most unequal.
The Nigerian government has been under pressure to increase wages for workers, who have been struggling to cope with the rising cost of living. The naira has lost over half of its value against the US dollar in the past five years, making it more difficult for Nigerians to afford imported goods and services.
The wage increase announced by the government is a significant step forward, but it is important to note that it is only a temporary measure. The government has said that it will work to establish a new national minimum wage, but it is unclear when this will be done.
The outcome of the negotiations between the government and the unions is a positive development for Nigeria. It shows that the government is willing to listen to the demands of workers and that it is committed to improving their welfare.