The Organised Private Sector has expressed concern over the ability of its members to pay the newly-agreed N70,000 minimum wage.
Spokesperson, OPS and Director-General of Nigeria Employers Consultative Council, Adewale-Smatt Oyerinde, said this.
Oyerinde, who spoke in Lagos on Thursday after President Bola Tinubu and leaders of the Trade Union Congress and Nigeria Labour Congress agreed on the new minimum wage, said: “While we commend the President for putting to rest the immediate issue of the national minimum wage, we also note, most importantly, his commitment to support the sub-nationals and the Organized Private Sector to pay the new wage.
“Consultation is still ongoing within the Organized Private Sector. During the consultations at the National Minimum Wage Committee, the Organized Private Sector strongly expressed concern about its ability to pay the N62,000 recommended by the Tripartite Committee.
“The N62,000 was premised on the understanding and agreement by government representatives that the government will take definite steps to reduce the current economic burden on the organized private sector.
“The supports requested included the reversal of the increase in electricity tariffs, CBN redemptions of all outstanding forwards for companies in the productive sector, a freeze on the introduction of new taxes and levies on businesses for the next five years, duty exemption on imported conversion kits and government subsidy on procurement of same.
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‘’Others include fixed rate of N800 for the assessment of import duty on all production inputs, revisit of the recent Financial Reporting Council regulation to curtail its application to private businesses, enforcement of the Executive Order 003 and 005 on patronage of Made in Nigeria products by ministries, departments and agencies of government and the National Assembly and the discontinuation of the price verification portal, as it is inimical to the smooth operation of businesses and that the basis for setting it up no longer exist, among others.
“While we commend the President for the approval, it should be noted that the ability to pay remains a fundamental consideration. The proposed support by the President to organized businesses should be immediately announced to enable businesses to plan effectively.”
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