The Manufacturers Association of Nigeria (MAN) has set conditions for the organized private sector to comply with the new minimum wage payment of N70,000.
MAN is seeking government assistance to address challenges facing businesses in the private sector, which were highlighted during tripartite negotiations.
According to a statement signed by the Director General, Segun Ajayi-Kadir, MAN laid down the following requests:
– Exemption of SMEs and MSMEs from compliance due to operational challenges.
– CBN’s redemption of outstanding forex forwards for productive sector companies.
– Reversal of electricity tariff increase or 100% increase for 20 hours of supply.
– Duty exemption on imported conversion kits and government subsidy.
– Freeze on new taxes for five years.
– Fixed rate of N800 for import duty assessment on production inputs.
– Revisiting Financial Reporting Council regulation to exclude private businesses, and
– Discontinuation of Price Verification Portal.
The Association commended President Bola Tinubu for concluding negotiations and hopes that he will speedily address identified challenges, warning that the binding constraints may hinder full compliance with the minimum wage law.
The tripartite committee had earlier reached a stalemate, with government and private sector offering N62,000 and labour demanding N250,000.
The president’s intervention prompted accelerated conclusion of negotiations leading to the agreed N70,000 minimum wage.
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