The Minister of Information, Mohammed Idris, announced that the Federal Government and the leadership of Organised Labour have agreed on a new minimum wage of ₦70,000 for Nigerian workers.
Idris stated that the agreement was reached during a meeting between President Bola Tinubu and leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on Thursday in Abuja.
“We are happy to announce today (Thursday) that both the Organised Labour and the Federal Government have agreed on an increase from the ₦62,000 minimum wage. The new national minimum that Mr. President is expected to submit to the National Assembly is ₦70,000,”
NLC President Joe Ajaero, TUC boss Festus Osifo, Labour Minister Nkiruka Onyejeocha, and other officials from both sides were present at the announcement.
Wage To Be Reviewed Every Three Years
NLC President Joe Ajaero confirmed that ₦70,000 was the current agreement on the minimum wage. He added that part of the discussion included a provision that the minimum wage would be reviewed every three years instead of every five years.
READ ALSO; US unions target the housing affordability crisis as their ‘biggest issue’
“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 said.
Labour Minister Nkiruka Onyejeocha added that President Tinubu had directed the Ministers of Finance and Budget, Wale Edun and Atiku Bagudu, to work out modalities to address issues with the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU).
Agreement Follows Series of Talks
The agreement between the two sides followed a series of talks between labour leaders and the President over the past few weeks. These discussions came after months of failed negotiations between labour organs and a tripartite committee on the minimum wage constituted by the President in January.
The committee, which included representatives from state and federal governments and the Organised Private Sector, had proposed ₦62,000, while labour insisted on ₦250,000 as the new minimum wage for workers, who currently earn ₦30,000.
Labour had argued that ₦30,000 was unsustainable given the economic challenges of inflation and the high cost of living, exacerbated by the removal of the petrol subsidy by the President.
Last Thursday, President Tinubu met with labour leaders and called for 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,” Tinubu said.
In his Democracy Day speech on June 12, 2024, the President mentioned that an executive bill on the new national minimum wage for workers would soon be sent to the National Assembly for passage.
The information minister confirmed on Thursday that the ₦70,000 agreed amount would be communicated to the National Assembly.