The Federal Government of Nigeria and the Organised Labour have reached an agreement to set the new minimum wage at ₦70,000. This decision was finalized during a meeting between President Bola Tinubu and leaders from the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) in Abuja.
Key
Announcements
Minister's
Statement:
- Mohammed
Idris, Minister of Information: Announced the
agreement and highlighted the increase from the previous ₦62,000 minimum
wage.
- Official
Submission: The new minimum wage proposal will be
submitted to the National Assembly for approval.
NLC
and TUC Leaders' Input:
- Joe
Ajaero, NLC President: Confirmed the
₦70,000 agreement and emphasized that the review period for the minimum
wage will now be every three years, rather than five.
- Festus
Osifo, TUC President: Supported the new
review period, noting the need to adjust wages more frequently due to
rapid economic changes.
Labour
Minister's Role:
- Nkiruka
Onyejeocha: Confirmed the President's directive
to address payment issues for the Senior Staff Association of Nigerian
Universities (SSANU) and the Non-Academic Staff Union of Educational and
Associated Institutions (NASU).
Background
Previous
Negotiations:
- Initial
Proposals: A tripartite committee proposed
₦62,000 while labour demanded ₦250,000, given the economic impact of
inflation and high living costs.
- Current
Minimum Wage: Previously set at ₦30,000, which
labour argued was unsustainable.
President's
Input:
- Economic
Realism: During recent discussions, President
Tinubu stressed the importance of setting realistic and sustainable wage
expectations.
- Democracy
Day Speech: The President announced the upcoming
submission of an executive bill for the new minimum wage to the National
Assembly.
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