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.
The minister said 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.
“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 said.
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NLC President Joe Ajaero, TUC boss Festus Osifo, Labour Minister Nkiruka Onyejeocha, and other officials from both sides flanked the minister.
The agreement between the two sides followed a series of talks between labour leaders and the President in the last few weeks after months of failed talks between labour organs and a tripartite committee on minimum wage constituted by the President in January.
The committee which comprised 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 as minimum wage.
Last Thursday, the President met with labour leaders and called for realistic expectations as regards 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 had said.
In his Democracy Day speech on June 12, 2024, the President had said that an executive bill on the new national minimum wage for workers would soon be sent to the National Assembly for passage.
