Nigerian labor unions halt their ongoing strike

On Tuesday, this unrestricted strike was scheduled to begin. However, following talks between the government and the two unions, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), on Sunday and Monday, the latter two decided to call off the strike for 30 days.

In order to balance the effects of his recent economic changes, Nigerian President Bola Ahmed Tinubu announced on Sunday a temporary raise in the minimum wage for the lowest-paid workers as well as cheaper public transportation.

Fuel subsidies, which were costing the government billions a year to keep prices artificially low, have been eliminated since Mr. Tinubu took office in May. Additionally, he allowed the naira, the country’s currency, to float, which resulted in a significant devaluation.

Investors have praised the government’s view that these reforms are essential to reviving Africa’s largest economy. However, the cost of gasoline has tripled, and inflation is now 25%, which Nigerians must bear.

Following discussions with the unions, the government put up a set of proposals, including a salary increase for federal employees of 35,000 naira ($45) per month for six months and 25,000 naira for the least qualified workers.

The government would also quicken the rollout of gas buses for public transportation, which might lower costs, suspend the value-added tax on diesel temporarily, and give allowances to the most needy Nigerians. The two unions had earlier announced a strike in August for the identical factors.

Many businesses, government departments, banks and markets were closed for a day in the capital Abuja. The impact was more mixed in the economic capital Lagos. Nigeria, an OPEC member, is a major oil producer but lacks refining capacity and is forced to import most of the fuel it needs.

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