President Bola Tinubu has endorsed a minimum wage of N70,000 for Nigerian employees, with a commitment to reassess the national minimum wage legislation every three years.
President Tinubu has assured that he will explore avenues to support both the private sector and sub-national entities in meeting the minimum wage requirement.
President Tinubu made the announcements during a meeting in Abuja on Thursday, where he met with leaders of TUC and Nigerian Labour Congress (NLC) for the second time in a week.
Confirming the development, the Minister of Information, Mohammed Idris, also announced that the Federal Government and Organised Labour leadership have reached an agreement to set the new minimum wage for Nigerian workers at ₦70,000.
He said, “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.”
Nonetheless, Joe Ajaero, the President of the NLC, stated that the Organised Labour had declined President Bola Tinubu’s proposition to implement a ₦250,000 minimum wage and raise petrol prices.
According to him “Accepting ₦70,000 was the best way to save Nigerians from further hardship,”
“At last week’s meeting, the President brought a proposal that ‘I will give you guys ₦250,000’ if you allow me to equally increase the pump price of petroleum products’ and we said, ‘No, we need to go and consult’.
“Today, we went there to tell him, ‘No’. The labour movement can make sacrifices without allowing Nigerians to suffer further on the increase in the pump price of petroleum products.” Ajaero alluded.