The Organized Private Sector (OPS) have said they cannot meet the newly announced wage unless the Federal Government put in place some urgently needed reforms. The Spokesperson of the OPS, and Director General of the Nigeria Employers’ Consultative Association, NECA, Adewale-Smatt Oyerinde, 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,”
Oyerinde outlined some initiatives he says will help cushion the effect of the new wage bill on private businesses in the country while noting that the OPS had expressed concerns about the 62,000 discussed earlier by the tripartite committee on minimum wage.
“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 pleaded with the federal government to reverse the increase in electricity tariffs, ensure CBN redemption of all outstanding forwards for companies in the productive sector, put a freeze on introduction of new taxes and levies on businesses for the next five years, and provide a duty exemption on imported conversion kits and government subsidy on procurement of same.
“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.
