Tinubu’s Surprise Move at NEC Meeting Leaves Minimum Wage Hanging

In an unprecedented gesture, President Bola Tinubu graced the 142nd session of the National Economic Council (NEC) on Thursday at the presidential villa in Abuja.
Vice President Kashim Shettima presides over the council, which was anticipated to deliberate on the matter of the new national minimum wage.
The president’s presence at the meeting was in light of his intention to engage with key stakeholders, including the state governors, who all hold membership in the council.
He had previously indicated that he would present a proposal for a new national minimum wage to the national assembly for legislative approval post these consultations.

However, following the meeting, the council did not address the issue of the minimum wage explicitly.

In announcing the outcomes of the meeting, Minister of Agriculture, Abubakar Kyari, along with the governors of Imo, Kano, and Kogi, shared that the federal government has sanctioned a $1 billion agriculture mechanization initiative. This program aims to establish 1000 agricultural service providers nationwide, each equipped with tractors.
He elaborated that the plan includes an annual supply of a minimum of 2000 tractors for the next five years, engaging at least 600,000 youths to manage these 1000 service centers.
This extensive initiative is set to commence as soon as it is deemed viable, as it received approval from the Federal Executive Council (FEC) the previous week.

He mentioned a collaboration with John Deere and Tata to deliver 2000 tractors before the close of the year. Additionally, he highlighted the upcoming Greener Imperative Project, a 950 million euro endeavor, which will be unveiled shortly. Kyari also revealed ongoing negotiations with Belarus Tractors to provide 2000 tractors annually for the next five years, along with 9000 implements and spare parts.
Moreover, the agriculture minister stated that Saudi Arabia has shown interest in procuring 200,000 metric tons of red meat and 1 million tonnes of soya from Nigeria yearly. He detailed plans to meet this demand through partnerships with foreign governments, aiming to enhance foreign exchange earnings.
Governor Hope Uzodimma of Imo State reported that the NEC tasked the sub-committee on crude oil theft to furnish comprehensive recommendations to combat this issue at the following meeting. He noted that although the sub-committee was expected to present its findings during the recent meeting, it remained inconclusive.
Governor Abba Yusuf of Kano disclosed the establishment of the board of the Niger Delta Power Holding, which had previously operated without a supervisory board for an extended period. This board comprises governors from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom states, representing various geographical zones.
Furthermore, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, mentioned the activation of the Presidential Food Systems coordinating unit, overseen by Vice President Kashim Shettima.