Tinubu Sets ₦70,000 as Minimum Wage for Nigerian Workers

Nigeria’s Budget Deficit Falls by 29% to N2.83 Trillion in Q1 2024

President Bola Tinubu has approved a new minimum wage of ₦70,000 for Nigerian workers, and expressed a commitment to reviewing the national minimum wage law every three years.

The decision came during a meeting with leaders from the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) held on Thursday in Abuja, marking the second gathering between the parties within a week.

In addition to the wage increase, President Tinubu pledged to explore avenues to support the private sector and sub-national governments in effectively implementing the new minimum wage policy. The move is expected to impact millions of workers across various sectors, providing a boost to their earnings amid prevailing economic challenges.

Labour leaders thanked President Tinubu’s proactive stance and supportive measures during the meeting. They highlighted the significance of the wage adjustment in improving the standard of living for Nigerian workers, particularly in light of rising inflation and economic pressures.

Furthermore, President Tinubu addressed other pressing issues raised by university unions, promising to utilize his discretionary powers to address demands such as the payment of four months’ worth of outstanding salaries.

The announcement of the new minimum wage and the President’s commitments underscore a proactive approach to addressing labour concerns and enhancing socio-economic conditions across Nigeria. The implementation of the revised wage structure is expected to commence following necessary legislative and administrative processes.

Stakeholders and the public are anticipating further details on the rollout and implications of the ₦70,000 minimum wage, as well as ongoing efforts to support economic stability and sustainable growth in the country.