UPDATE: TINUBU SENDS N70,000 MINIMUM WAGE BILL TO NASS
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A national minimum wage bill has been forwarded by President Bola Tinubu to the National Assembly’s House of Representatives for review and eventual enactment.
Last Thursday, the President and the Organized Labor Leadership decided to raise the minimum wage for Nigerian workers to ₦70,000.
“The new national minimum that Mr. President is expected to submit to the National Assembly is ₦70,000,” stated Information Minister Mohammed Idris.
After months of fruitless negotiations between labor organs and a tripartite committee on minimum wage that the President had established in January, labor leaders and the President held a series of conversations in the last few weeks that resulted in a truce between the government and labor sides.
The group, consisting of the federal, state, and organized private sectors, had suggested ₦62,000 as the new minimum wage for workers currently earning ₦30,000, but labor had insisted on ₦250,000.
Labour has stated that ₦30,000 was unaffordable for any worker given the unpredictable nature of the economy, rising living expenses, and the President’s elimination of the gasoline subsidy.
Labour last Thursday accepted the President’s offer of ₦70,000, despite its original insistence on ₦250,000 as the new minimum wage.
According to Joe Ajaero, President of the Nigeria Labour Congress (NLC), Labour accepted ₦70,000 and rejected President Bola Tinubu’s proposal to pay ₦250,000 as the minimum wage in exchange for raising petrol prices.
He also said Labour agreed to the ₦70,000 offer because minimum wage won’t be reviewed once in five years anymore but once every three years.
The transmission of the wage bill came about six weeks after the President said in his Democracy Day speech on June 12, 2024, that an executive bill on the new national minimum wage for workers would be sent to the National Assembly for passage.
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