President Bola Tinubu has approved N70,000 as the new minimum wage for workers in Nigeria.
The agreement was reached at a meeting between President Bola Tinubu and the leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on Thursday in Abuja.
The Minister of Information, Mohammed Idris says the Federal Government and the leadership of the Organised Labour have agreed on ₦70,000 as the new minimum wage for Nigerian workers.
“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,” Idris told journalists.
On her part, Nkiru Onyejeocha, minister of state for labour said Tinubu and the labour leaders agreed that the time limit for the review of the minimum wage should be reduced to three years.
Onyejeocha added that the parties agreed that the time limit of five years for review is too long.
A statement by Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, added: “President Tinubu also promised to find ways to assist the private sector and the sub-nationals to pay the minimum wage.
“The Labour leaders applauded President Tinubu for the fatherly gesture as the President also promised to use his discretionary powers meet the demands of university unions demanding unpaid 4 months salaries.”
Meanwhile, NLC President Joe Ajaero, told newsmen after the meeting that the unions agreed to the offer because of other incentives attached.
He also commended the president for promising a review every three years as against what obtained in the past.
The new minimum wage, when approved by the National Assembly, will replace the N30,000 minimum wage which expired on April 18, 2024
