* Seeks FG support to private sector to pay
By Nudoiba Ojen
THE Manufacturers Association of Nigeria (MAN) has urged the Federal Government to provide assistance to the private sector to meet the minimum wage requirements agreed upon with labour unions.
MAN Director General, Segun Ajayi-Kadir, in a document, presented a list of demands to the government in favour of the organised private sector.
They included exemptions for SMEs and MSMEs from compliance due to their operational challenges, CBN redemptions of validly transacted outstanding forex forwards for companies in the productive sector, and a reversal of the increase in electricity tariffs or a 100 per cent increase in tariffs for a minimum of 20 hours of supply.
Other demands included duty exemptions on imported conversion kits and government subsidies on their procurement, a freeze on new taxes on businesses for the next five years, and a fixed rate of N800 for the assessment of import duty on all production inputs.
President Bola Tinubu on Thursday approved N70,000 minimum wage which is expected to be presented to the National Assembly on Tuesday.
The president also promised to assist the private sector and sub-nationals in meeting the wage requirements.
Ajayi-Kadir harped on the need for government intervention to address the challenges facing businesses, which could hinder their ability to comply with the new wage law.
He stated, “Those binding constraints may constitute impediments to the full compliance of our member when the minimum wage is signed into law.
“The final outcome of the tripartite committee comprising the government, labour, and the private sector was a stalemate at N62,000 offered by the Federal Government and the private sector on the one hand, and N250,000 by labour on the other.
“We commend Mr President for achieving this breakthrough and look forward to the promised assistance.
“The assumption is that Mr President will give expedited consideration to those challenges and take necessary steps to address them. This will go a long way in onboarding the private sector in the new agreement on the minimum wage.
“We are optimistic that the positive atmosphere created by the recent agreement between the government and labor would facilitate speedy consideration and acceptance of the aforementioned,.
“We should hold on to the promise of Mr President that the Federal Government will find a way to assist us to pay the minimum wage agreed with Labor.
“We look forward to a collaborative effort between the government and the private sector to achieve this goal,” he said.
He also called for a revisit of the recent Financial Reporting Council regulation to limit its application to private businesses and the discontinuation of the Price Verification Portal, which he described as inimical to the smooth operation of businesses.
“The basis for setting it up no longer exists. This has been implemented by the CBN,” he emphasized.
The MAN DG underscored the significance of the new minimum wage agreement and the need for government support to ensure its successful implementation.
