From Atiku Sarki, Abuja
The Organized Private Sector of Nigeria (OPSN), comprising the Nigeria Employers’ Consultative Association (NECA); Manufacturers’ Association of Nigeria (MAN); National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA); Nigeria Association of Small and Medium Enterprises (NASME) and Nigerian Association of Small Scale Industrialists (NASSI) commended the President and Commander-in-Chief of the Federal Republic of Nigeria, Senator Ahmed Bola Tinubu, GCFR for putting to rest the protracted issue of the National Minimum Wage.
In a statement issued to newsmen in Abuja on Thursday said that speaking in Lagos, the Director-General, of Nigeria Employers’ Consultative Association (NECA), Mr Adewale-Smatt Oyerinde stated that “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”
While affirming that consultation is still ongoing within the Organized Private Sector, the NECA Director-General noted that “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 the Government representatives that the Government would 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, 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 Product 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 the basis for setting it up no longer exist, among others.”
Concluding his remarks, the Director-General stated that “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.
The private sector will continue to partner with Organized Labour to ensure compliance and inclusive economic development, while we look forward to the support promised by the Government.”
