Fuel subsidy removal: Imo increases minimum wage to N40,000
In response to the recent removal of fuel subsidy by the Federal Government, the Imo State Government has taken steps to alleviate the impact on its citizens.
One of these measures is the increase in the minimum wage for workers in the state to N40,000.
Governor Hope Uzodimma made this announcement during a strategic stakeholders meeting held in Owerri, the capital of Imo State, on Saturday.
Additionally, the governor revealed that his administration will provide a N5 billion soft loan to farmers, aimed at boosting their productivity and supporting agricultural development in the state.
Recognizing the challenges faced by the people of Imo State across various sectors, Governor Uzodimma expressed his concern and commitment to finding solutions.
He stated, “I have observed with great concern the hardships our people have been enduring since the removal of fuel subsidy was announced.
“It is evident to me that our low-income earners are particularly affected. I empathize with them, and that’s why I have devised a number of initiatives to mitigate these effects.”
Among the initiatives outlined by the governor is an immediate increase in salaries and wages for state workers.
“The minimum wage has been raised to N40,000, with discretionary adjustments for other salary levels to ensure fair compensation.
“This move is expected to alleviate the financial burdens faced by workers and improve their standard of living in the wake of rising fuel prices,” the governor noted.
The removal of the subsidy payment on petrol was officially implemented on May 29, 2023, following President Bola Tinubu’s inauguration.
As a result, the price per litre of petrol skyrocketed from N184 to over N500, causing significant economic strain on individuals and families throughout the country.
Imo State, like many other states, felt the immediate impact of this policy change, prompting the government to take swift action to support its citizens.
“Governor Uzodimma’s decision to increase the minimum wage demonstrates his administration’s commitment to prioritizing the welfare of workers in the state.
“By raising the minimum wage to N40,000, the government aims to alleviate financial pressures and ensure that workers can meet their basic needs amidst rising living costs.
“This adjustment will not only improve the livelihoods of individuals and families but also contribute to the overall economic growth and stability of Imo State.
“In addition to the wage increase, the Imo State Government has also recognized the importance of the agricultural sector in driving economic development.
“To support farmers and enhance their productivity, the government has set aside a N5 billion soft loan. This financial support will enable farmers to invest in modern farming techniques, acquire high-quality inputs, and expand their operations.
“By promoting agricultural development, the state government aims to create employment opportunities, increase food production, and boost the overall prosperity of Imo State,” an analyst, Kanayo Chukwu said.
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