The Federal Government and Organized Labour have agreed on a new minimum wage of ₦70,000. This decision followed a meeting between President Bola Tinubu, labour leaders, and members of the government’s tripartite committee on the national minimum wage.
The tripartite committee had initially proposed two figures due to disagreements among the government, private sector, and labour. While the government and private sector suggested ₦62,000, organized labour demanded ₦250,000.
Minister of Information and National Orientation, Mohammed Idris, announced that President Tinubu agreed to increase the initial offer of ₦62,000 to ₦70,000.
He highlighted that this agreement comes with commitments to invest in infrastructure, renewable energy, and CNG buses.
Minister of State for Labour and Employment, Nkeiruka Onyejeocha, emphasized that the minimum wage review period will be reduced to three years from five years, allowing for more frequent evaluations.
Speaker of the House of Representatives, Tajudeen Abbas, assured that the new minimum wage bill would receive expedited action.
He praised President Tinubu’s leadership and commitment to addressing labour sector issues, including unpaid salaries for university unions.
NLC President, Comrade Joe Ajaero, expressed mixed feelings about the ₦70,000 agreement but appreciated the provision for more frequent reviews.
He also mentioned ongoing discussions on issues affecting university workers and incentives like CNG to ease workers’ burdens.
The Organized Private Sector (OPS) expressed concerns about their ability to pay the new wage without government support, highlighting the need for measures to reduce the economic burden on businesses.
The NLC has scheduled an emergency National Executive Council (NEC) meeting to deliberate on the new minimum wage and decide on further actions.