President Tinubu asks National Assembly to approve ₦70K Minimum Wage bill
President Bola Tinubu has forwarded the amended national minimum wage bill to the Federal House of Representatives for deliberation and approval.
This move comes after an agreement reached last Thursday, July 18, 2024, between the President and Organised Labour setting the new minimum wage at ₦70,000 for Nigerian workers.
According to Mohammed Idris, the honourable minister for information, the new proposal submitted by the President to the National Assembly reflects the consensus reached with labour leaders.
The discussions built up in a resolution following extensive talks between the President and labour representatives, marking a breakthrough after months of negotiations that began with a tripartite committee on minimum wage established by the President in January.
Labour’s insistence on a substantial increase from the current ₦30,000 minimum wage highlighted the pressing need for a more sustainable wage structure. Initially, the committee had suggested a minimum wage of ₦62,000, while labour leaders advocated for ₦250,000, citing economic challenges worsened by inflation and the high cost of living, compounded by the removal of petrol subsidies.
Joe Ajaero, President of the Nigeria Labour Congress (NLC), confirmed that despite their earlier proposal of ₦250,000, labour accepted the ₦70,000 offer from President Tinubu. Ajaero noted that the acceptance was contingent on adjustments to the frequency of wage reviews, moving from once every five years to once every three years.
The movement of the wage bill to the National Assembly follows President Tinubu’s announcement during his June 12, 2024, Democracy Day address, where he promised swift legislative action on a new national minimum wage.
As the bill now enters parliamentary review, stakeholders anticipate further discussions and eventual passage to address the wage concerns of Nigerian workers nationwide.
