Business Hilights
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Just in: Buhari endorses N30,000 NMW as fears of fuel price hike deepen

Nigerian Labour Movement (NLM) and millions of Nigerian workers who had been keeping vigil on the final figure for the new minimum wage can now heave a sigh of relief as President Muhammadu Buhari, Tuesday endorsed N30,000 as the new national new minimum wage (NMW).
President Buhari dropped the cheerful news while receiving the report of the Tripartite Committee on the Review of National Minimum Wage at the Presidential Villa, Abuja from Committee chairman, Amal Pepple.
While promising to immediately transmit the signed document to the National Assembly to effect the necessary legislative changes from N18,000 to N30,000, analysts who weighed the circumstances upon which the new figure was reached expressed fears of possible hike in pump price of petrol.
According to them, there are chances that the federal government may decide to soak off the financial pressure expected from paying the new wage in the possible new pump price.
Business Hilights recalls that in the last few days, there had been denials and counter denials of government’s plans to hike fuel price due to the jumping landing cost now put at N205 while pump prices remain at N145.
Pointer to the new minimum wage emerged Monday night when the NLM announced by midnight, suspension of the planned nationwide strike that would have started Tuesday.

Several public affairs analysts who barred their minds on the presidential endorsement of N30,000 said efforts should be made by the organised labour to accept the new figure without any form of caveat specifically hike in pump price or any form of tax hike.