The Federal Executive Council (FEC) has approved the Memorandum of Understanding (MoU) signed between the federal government and the organised labour before the planned indefinite strike was suspended for 30 days.
The Minister of Labour and Employment, Simon Lalong, announced this to journalists after the meeting.
Daily Trust recalls that the organized labour had suspended its planned nationwide strike over fuel subsidy removal for 30 days.
As contained in the mou, the federal government granted a wage award of N35,000 only to all federal government workers beginning from September pending when a new national minimum wage is expected to have been signed into law.
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The federal government also suspended the collection of Value Added Tax (VAT) on Diesel for six months beginning from October, among other agreements.
Also briefing, the Minister of Information, Mohammed Idris, announced the shifting of FEC meeting from Wednesdays to Mondays.
He, however, said that the meeting would be convened only when there are items to be discussed.
The Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite, also said FEC approved the setting up of Presidential Council on Industrial Revitalization Roadmap, which will be headed by President Tinubu with 10 subcommittees.
Uzoka-Anite said that the sub-committees would come up with a roadmap toward the full revival of the economy in line with the President’s eight-point agenda.
The minister explained that the sub-committees would include that of consumer credit, commodity exchange, heavy industries, steel development, and licensing and certification of artisans.
Others are the sub-committee on trade facilitation and liberalisation, mining and solid minerals, oil and gas, as well as the creative industry.
“We expected a boost in investment in the industrial sector, job creation, GDP growth rate from 3.5 per cent to about 7 per cent, and a GDP base of about N1 trillion in line with Mr president’s mission,” Uzoka-Anite said.
She added that the committee on the Free Trade Zone would be charged with the responsibilities of charting a way forward for the zones with the aim of opening up opportunities for Nigerians to take advantage of.
The minister also said the council approved the setting up of a committee to review the free trade zone, to look at its incentives, laws and come up with reforms that will help to stimulate and catalyse the economic benefits of the free trade zones and the economic special zones for the benefit of Nigerians and other investors.
The Minister of Works, Dave Umahi, also said FEC approved the use of concrete for road projects across the country including those of new ones, depending on the level of completion.
Umahi also said that a 24-hour approval would be given to any state interested in taking over road projects in their domain, while particular conditions must be met for the agreement to take effect.
He said that the project by the states must conform to the standard of the Federal Ministry of Works as well as meet the tolling system through which they would recoup their investment.
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