February 24, (THEWILL) — President Bola Tinubu, on Tuesday, convened a high-level meeting with leaders of the organised Labour alongside several state governors at the State House, Abuja, to deliberate on labour concerns and the state of Nigeria’s economy.
The meeting, which commenced mid-morning, precedes the Renewed Hope Ambassadors Strategic Summit later today at the Banquet Hall of the Presidential Villa and comes amid intensifying discourse on economic policy and workers’ welfare.
THEWILL gathered that one of the key issues discussed was last week’s signing of Executive Order 9, to address financial breaches in the Federation Accounts within the oil and gas sector. The directive seeks to strengthen governance over revenue flows from Nigeria’s most critical income source, safeguard shared revenue allocations to all tiers of government, and plug systemic leakages that have long strained public finances.
However, the order has drawn criticism from some quarters of the Labour Movement, which expressed concerns that its timing and scope could affect workers’ incomes and employment conditions. Labour leaders are reportedly seeking clarity on the order’s potential impact on pricing, cost-of-living pressures, and revenue-dependent social programmes.
Since assuming office, President Tinubu’s administration has pursued structural reforms to stabilise the economy, enhance transparency, and attract investment. These measures include the removal of fuel subsidies, unification of the foreign exchange market, and strengthened public finance management.
Recent economic indicators show signs of gradual recovery. The naira has gained relative stability in the foreign exchange market, foreign reserves have steadied, and investor confidence is improving in capital and debt markets.
Complementing these macroeconomic shifts, the Federal Government has rolled out targeted social interventions, including conditional cash transfers, student financing schemes, expanded support for micro, small, and medium enterprises (MSMEs), and ongoing negotiations for a revised national minimum wage.
State governors present at the meeting reaffirmed their support for the Federal Government’s reform trajectory, stressing collaborative efforts on job creation, revenue generation, and socio-economic development.
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