President Bola Tinubu has given Nigerian workers a significant boost by approving a N70,000 minimum wage, with a promise to review the national minimum wage law every three years. This move is aimed at ensuring that workers’ salaries keep pace with the country’s economic growth.
In a meeting with leaders of the Trade Union Congress (TUC) and Nigeria Labour Congress (NLC) in Abuja on Thursday, President Tinubu also pledged to support the private sector and sub-nationals in paying the new minimum wage. This is the second meeting between the parties in just seven days, indicating the President’s commitment to addressing workers’ concerns.
The labour leaders praised President Tinubu for his “fatherly gesture”, which is seen as a major victory for workers. Additionally, the President promised to use his discretionary powers to meet the demands of university unions, who have been seeking payment of unpaid salaries for four months. This move is expected to bring relief to affected workers and their families.
The Tripartite Committee on the new national minimum wage recently submitted figures to the President as the organised private sector and the government team had offered to pay N62,000.
However, the organised labour insisted on N250,000.
Following the disagreement, the President had delayed sending any figure to the National Assembly through an Executive Bill.
At Monday’s Federal Executive Council meeting, Tinubu had asked the Minister of Budget and Economic Planning, Abubakar Bagudu, to draft a bill to amend the 2024 budget to accommodate a new minimum wage.
