Minister of Information Mohammed Idris announced that the Federal Government and the leadership of the Organised Labour have agreed to set the new minimum wage for Nigerian workers at ₦70,000.
This consensus was reached during a meeting in Abuja between President Bola Tinubu and the leaders of the Nigeria Labour Congress and the Trade Union Congress.
“We are happy to announce today (Thursday) that both the Organised Labour and the Federal Government have agreed on an increase on the N62,000 minimum wage. The new national minimum that Mr President is expected to submit to the National Assembly is ₦70,000,” Idris conveyed to State House correspondents.
Flanking the minister were NLC President Joe Ajaero, TUC boss Festus Osifo, Labour Minister Nkiruka Onyejeocha, and other officials from both sides.
Ajaero confirmed that ₦70,000 is the agreed minimum wage and emphasized that the minimum wage would now be reviewed every three years instead of the previous five-year period.
“We were here last week. And we are here now. What they have announced in terms of the amount of ₦70,000 happens to be where we are now. But the thing about it is that we will not wait for another five years to come and agree,” Ajaero stated.
Onyejeocha added that President Tinubu directed Finance and Budget Ministers Wale Edun and Atiku Bagudu to devise plans to resolve issues with the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU).
The agreement emerged after several talks between labour leaders and the President, following months of unsuccessful discussions between labour organizations and a tripartite committee on minimum wage, which Tinubu established in January.
The committee, which included representatives from state and federal governments and the Organised Private Sector, had proposed ₦62,000, while labour demanded ₦250,000, citing the unsustainability of the current ₦30,000 minimum wage amidst inflation and high living costs post-petrol subsidy removal.
In a meeting last Thursday, Tinubu urged labour leaders to set realistic expectations regarding the minimum wage.
“You have to cut your coat according to available cloth. Before we can finalise the minimum wage process, we have to look at the structure,” he said.
In his Democracy Day speech on June 12, 2024, Tinubu mentioned that an executive bill on the new national minimum wage would soon be sent to the National Assembly for passage.
The information minister confirmed on Thursday that the agreed ₦70,000 amount would be communicated to the National Assembly in the coming days.
