The president of Nigeria, Bola Ahmed Tinubu has approved the sum of ₦70,000 for Nigerian workers. This approval was announced during a meeting with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
Bayo Onanuga, the president’s special adviser on information and strategy, stated that the approval includes a commitment to review the national minimum wage law every three years. Additionally, efforts will be made to support the private sector and state governments in paying the new minimum wage.
The minimum wage has been a contentious issue between the federal government and labour unions. Both unions initiated a strike after the federal government missed the May 31 deadline to approve a new minimum wage and reverse the hike in electricity tariffs. The strike significantly disrupted critical sectors of the economy, including schools, businesses, hospitals, and airports, and led to the shutdown of the national grid.
After days of negotiations, the labour unions agreed to a one-week suspension of their nationwide strike to facilitate uninterrupted discussions with the government. Initially, the unions demanded ₦494,000 as the minimum wage but later reduced their request to ₦250,000 after extensive negotiations. The federal government then proposed ₦62,000 before settling on the recently announced ₦70,000.
Meanwhile, the Nigeria Labour Congress has accepted the new wage. Its president, Joe Ajaero, said the unions agreed to the offer because of other incentives attached and the president’s promise of a wage review every three years, a significant improvement from previous practices.
Once approved by the National Assembly, the new minimum wage will replace the ₦30,000 minimum wage that expired on April 18, 2024.
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