FG to Spend N2trn over Agreement with organised labour
(Business Africa Digest)-The Federal Government will spend not less than N2 trillion directly on the implementation of the Monday’s pact with the organised labour.
After a four-hour meeting, an agreement was reached to cushion the petrol subsidy removal pains on federal workers and other categories of Nigerians.
Highlights of the Memorandum of Understanding (MoU) signed by government and labour are as follows:
•Payment of a wage award of N35,000 monthly to federal workers for six months;
•N75,000 grant to 15 million households, payable in N25,000 monthly for three months.
Government will require N1.125 trillion to actualise the N75,000 grant to 15 million households for three months. The money will lift the living standard of some of the poorest Nigerians as well as pensioners.
The monthly wage award of N35,000 for about 1.5 million federal workers will cost the government N315 billion over a six-month period.
Besides, N100 billion will be committed to high-capacity CNG buses for deployment and use of commuters. The Nation
