The Federal Government and Organised Labour reached a crucial agreement on Wednesday to reduce transport fares and the prices of essential commodities, particularly food items.

This development comes after the House of Representatives urged the government to reverse the recent increase in petrol prices and implement measures to stabilize fuel and cooking gas costs.

During a meeting held at the Office of the Secretary to the Government of the Federation, participants discussed strategies to address rising living costs.

The government plans to convene with state governors to ensure the implementation of the newly approved minimum wage of ₦70,000 across the country by October.

Sources indicated that both parties committed to ongoing discussions aimed at improving their previously strained relationship.

The government has pledged to distribute over 2,000 Compressed Natural Gas (CNG) conversion kits and 45 CNG buses, contributing to a total of 90 buses promised earlier.

In addition, the government intends to engage with state governors through its economic council, emphasizing labor's involvement in monitoring economic policies between the government and organized labor.

The meeting also addressed concerns regarding outstanding wage awards and arrears for workers, with assurances that these would be settled promptly.

While some sources noted that these commitments are promising, they emphasized the need for continuous dialogue to avoid past pitfalls where agreements were not honored.

The joint National Executive Council meeting between the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) was held to inform members about the outcomes of discussions with government representatives, including key ministers such as Nuhu Ribadu (National Security Adviser) and Nkeiruka Onyejeocha (Labour Minister).