However, Mr. Adewale-Smatt Oyerinde, the Director-General of the Nigeria Employers’ Consultative Association (NECA), who spoke on the organization’s behalf, praised the federal government for approving the new minimum wage and urged it to implement reforms that would strengthen the private sector’s ability to pay.
“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 organised private sector to pay the new wage,” he said.
The NECA DG said that the OPS voiced concerns over its capacity to pay the N62,000 that the tripartite committee suggested during the meetings with the National Minimum Wage Committee.
“In fact, the N62,000 was premised on the understanding and agreement by the government representatives that the government will take definite steps to reduce the current economic burden on the organized private sector,” he said.
He implored the federal government to undo the hike in electricity rates, guarantee the CBN redemption of all outstanding forwards for businesses operating in the productive sector, halt the implementation of new business taxes and levies for the next five years, and offer an exemption from duties on imported conversion kits as well as government subsidies for their purchase.
“It should be noted that the ability to pay remains a fundamental consideration. The proposed support by the president to organised businesses should be immediately announced to enable businesses to plan effectively,” he said
